Mergers and Acquisitions

Longo’s in its acquisition by Empire Company Limited

Longo Brothers Fruit Markets Inc.
Key Contact
Christopher Murray

Partner, Corporate, Toronto

Team
Alexandra Alacchi

Associate, Corporate, Toronto

Alexei Kovalev

Associate, Real Estate, Toronto

Savvas Kotsopoulos

Partner, Real Estate, Toronto

Kai Sheffield

Partner, Corporate, Toronto

James Chang

Associate, Tax, Toronto

Shuli Rodal

Partner, Competition/Antitrust and Foreign Investment
Chair, Diversity Committee, Toronto

 

On March 16, 2021, the shareholders of Longo Brothers Fruit Markets Inc. (Longo's) entered into an agreement for the sale of 51% of Longo’s to Empire Company, with an option to put the remaining interest in Longo’s to Empire in tranches beginning after the fifth anniversary of the closing. The purchase price for the initial 51% interest is based on a total enterprise value of $700 million.

Founded in 1956, Longo’s is a family-owned Canadian business that operates 36 stores in communities across the Greater Toronto Area, as well as Grocery Gateway, a leader in online sales of home-delivered groceries.

Empire Company Limited is a Nova Scotia based conglomerate specializing in food retailing, through wholly-owned Sobeys Inc., and related real estate.

Osler, Hoskin & Harcourt LLP advised Longo Brothers Fruit Markets Inc., with a team consisting of Christopher Murray, Kai Sheffield, Claire Dunn, Alexandra Alacchi (Corporate), Shuli Rodal, Gajan Sathananthan (Competition), Drew Morier, James Chang (Tax), Savvas Kotsopoulos, Alexei Kovalev (Real Estate) and Patrick Welsh (Environmental).

Value
$357 million
Date Closed
May 10, 2021
Lead Office
Toronto
Key Contact
Christopher Murray

Partner, Corporate, Toronto

Team
Alexandra Alacchi

Associate, Corporate, Toronto

Alexei Kovalev

Associate, Real Estate, Toronto

Savvas Kotsopoulos

Partner, Real Estate, Toronto

Kai Sheffield

Partner, Corporate, Toronto

James Chang

Associate, Tax, Toronto

Shuli Rodal

Partner, Competition/Antitrust and Foreign Investment
Chair, Diversity Committee, Toronto