Massy buys Florida supermarket chain for US$47m
The conglomerate Massy Holdings said on Wednesday that it had paid US$47 million (TT$314.9 million) for a US-based grocery chain Rowe IGA.
After receiving board approval on December 7, Massy finalised the purchase of Rowe’s IGA Supermarkets through its American subsidiary, Massy Stores (USA) LLC, on Monday.
To acquire all of the ownership in each of the seven limited liability companies that make up Rowe’s IGA Group, Massy Stores and Robert A. Rowe entered into a membership interest acquisition agreement.
“The purchase will result in a 1% rise in the assets of the Massy Group and is predicted to result in a 4% increase in the group’s earnings before tax. The transaction is anticipated to boost the integrated retail portfolio’s earnings before tax by 7%.”
The Massy group has made a second acquisition offer in recent weeks. On November 28, its subsidiary Massy Gas Products Holdings Ltd. reached a deal with the French firm Air Liquide International to buy all of the shares of Air Liquide TT for between $51.5 million and $58 million.
Rowe’s IGA is a Jacksonville, Florida-based independent grocery business with seven locations. It was founded in 2005 and has become a well-known brand in the Jacksonville region.
