Massy Holdings Ltd Acquires Rowe’s IGA Supermarkets  

 

• Massy Holdings Ltd. advised that on December 7, 2022, its Board of Directors approved the acquisition of Rowe’s IGA Supermarkets by Massy Stores (USA) LLC, a wholly-owned subsidiary of the Company. Rowe’s IGA was established in 2005 and is a well-recognised brand within the Jacksonville area.
• Massy Stores USA entered into a Membership Interest Purchase Agreement with the sole owner of Rowe’s IGA, Robert A. Rowe, to purchase 100% of the equity interest of each of the seven limited liability companies within Rowe’s IGA Group for US$47Mn. The acquisition was completed simultaneously on December 12, 2022.
• The acquisition of Rowe’s IGA, an independent supermarket chain with seven stores in Jacksonville, Florida, is aligned with the Massy Integrated Retail Portfolio’s strategy to expand its retail footprint in the US market.
• The acquisition will represent a 1% increase in the Massy Group’s assets and is expected to contribute to an increase in the Group’s profit before tax of approximately 4% for FY2022/23. For the Integrated Retail Portfolio, the acquisition is expected to increase its profit before tax by 7%.

(Source: JSE)