Grocery wholesaler Metcash has agreed to acquire a stake in Australia’s largest independent licensed supermarket group, Ritchies Stores Pty Ltd, of 26% from July 2005.
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“The acquisition of 26% of Ritchies will enable both of our companies to benefit as a consequence of a closer alignment of business interests and strategy,” said Metcash CEO Andrew Reitzer. “Our objective is to ensure the long-term viability of the independent grocery business in Australia.”
“The Metcash investment signifies the value of our relationship and the high standing that Ritchies IGA enjoys in the retail community,” said Fred Harrison, CEO of Ritchies. “This new level of our relationship will help us achieve our growth objectives of an additional 25 supermarkets over the next five years.”
