Metro buys 55% stake in Montreal ethnic food retailer Marché Adonis
October 26, 2011
– Metro Inc. is pleased to announce that it has entered into a partnership agreement with Marché Adonis, a well established ethnic food retailer in the Montreal region specializing in fresh and Mediterranean products and prepared meals. Under this partnership, Metro now holds a 55% interest in Marché Adonis and in its distributor Phoenicia Products. The founders retain a 45% participation and continue to manage both companies.
"We are happy to be associated with the Marché Adonis founders. They are entrepreneurs who developed a unique food concept in Canada, very popular with its customers, that has been successful for over 30 years. This partnership will allow us to better meet the needs of the various cultural communities and increase our market share in the fast growing ethnic foods category", said Eric La Flèche, President and Chief Executive Officer of Metro Inc.
The transaction includes all four Adonis stores currently in operation, three in Montreal and one in Laval, along with a fifth store that will open by the end of 2011 in Brossard, Quebec. The partnership also includes Phoenicia Products, which imports and distributes exclusive Phoenicia and Cedar brand products, and its two distribution centers located in Montreal and in Toronto.
"We are excited with this new partnership with Metro, which will enable us to accelerate the development of our business and promote the Adonis banner in Quebec and in Ontario. Our culture, our working methods, our range of products and most importantly our employees, will remain in place to continue to serve our highly loyal customers", added Jamil Cheaib, one of the three founders and owners of Marché Adonis.
About Marché Adonis
Founded in Montreal en 1978, Marché Adonis is a food retailer specializing in Mediterranean products. The company has four stores located in the Montreal region. Phoenicia Products, which imports and distributes exclusive products, has two warehouses, one in Montreal and one in Toronto. The company has over 1 000 employees.
With annual sales of over $11 billion and over 65,000 employees, Metro Inc. is a leader in the food and pharmaceutical sectors in Quebec and Ontario, where it operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.