US private-equity group Comvest has taken majority ownership of Washington-based grocery chain Haggen.
Comvest purchased the stake from co-chairmen Don and Rick Haggen, sons of Haggen founders Ben and Dorothy Haggen.
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“The Comvest Group’s investment in Haggen will maximise our potential and allow us to strengthen our market share in the highly competitive grocery industry,” Don Haggen said. “We are looking forward to serving our customers and remaining closely connected to our community.”
The Haggens are retaining a “significant minority stake” in the chain and will continue to serve on the company’s board, Comvest said.
Haggen president and CEO Jim Donald will step down, with the remainder of the Haggen management team remaining in place, Comvest added. Former PepsiCo and Albertsons executive Clarence Gabriel will join the company as president and CEO.
Haggen operates 30 supermarkets in Washington and Oregon under the Haggen Food & Pharmacy and Top Food & Drug banners.
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By GlobalData“We have been very impressed with the exceptional quality and customer service we have found in the Haggen and Top Foods stores,” said John Caple, a managing director of Comvest.
