Canadian grocery retailer Metro Inc has acquired a majority share in food retailer Marché Adonis.
Under the partnership announced yesterday (26 October), Metro holds a 55% stake in Marché Adonis and in its distributor Phoenicia Products. The founders will retain the remaining 45% share and continue to manage both companies.
The deal includes all four Adonis stores in operation, three in Montreal and one in Laval. A fifth store will be open by the end of next year in Brossard, Quebec.
Phoenicia Products imports and distributes Phoenicia and Cedar brand products, and its two distribution centres in Montreal and in Toronto.
“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 Metro president and CEO Eric La Flèche.
Montreal-based Marché Adonis specialises in Mediterranean products and has four stores located in the region with over 1,000 employees.