-- Empire Company (EMP-A.TO), and its Sobeys unit, after the close Thursday they entered into an agreement to acquire Mayrand Food Group, a Quebec food retailer operating four large format locations across the Greater Montreal Area.
Financials details of the acquisition were not disclosed. The transaction, which is expected to close in first quarter of fiscal 2027, is being completed pursuant to a court approved process and remains subject to customary closing conditions. Mayrand in October filed a notice of intention under the Bankruptcy and Insolvency Act (BIA) to seek protection.
"Mayrand is a respected Quebec institution with deep local roots and a loyal customer base," said Luc L'Archeveque, Empire's chief customer officer. "This transaction allows the Mayrand brand to continue serving customers and communities while benefiting from Empire's scale, operational expertise, and long term commitment to food retail in Quebec."
Empire said it intends to maintain the Mayrand banner and grow the business as a distinct brand.
The company's shares closed down $1.28 at $49.55 on Toronto Stock Exchange.