Canadian retailer Loblaw today (24 July) it would buy T&T Supermarket, the country’s largest Asian food retailer, in a deal worth C$225m (US$208m).
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T&T, founded in 1993, runs 17 stores in British Columbia, Alberta and Ontario. Loblaw executive chairman Galen Weston said the deal would help the retail giant build its “ethnic offering”.
“T&T’s talented management team and colleagues have developed what we believe are the best Asian stores in Canada, which will be used to help Loblaw extend its ethnic offering to better serve Canada’s largest growing customer segment,” Weston said.
The acquisition, which remains subject to regulatory approval, will see Loblaw pay C$191m in cash, with the balance coming through preferred shares issued by T&T, which are tied to the future performance of the business.
“Some of our customers have a nickname for us – The Asian Loblaw. Today we are proud it has become a reality,” Cindy Lee, CEO of T&T Supermarket, said.
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By GlobalData“This acquisition recognises all of our employees’ hard work over the years and the great business we have built. Together with Loblaw, we will continue to celebrate our authenticity while maintaining and enhancing our customers’ shopping experience.”
