"We are so pleased to officially welcome Longo's and Grocery Gateway into the Empire family," said
TRANSACTION TERMS
Empire has acquired 51% of Longo's issued and outstanding shares based on a total enterprise value of
The Longo family has expressed their intentions to remain as long-term shareholders of Longo's.
FORWARD-LOOKING INFORMATION
This document contains forward-looking statements which are presented for the purpose of assisting the reader to contextualize the Company's financial position and understand management's expectations regarding the Company's strategic priorities, objectives and plans. These forward-looking statements may not be appropriate for other purposes. Forward-looking statements are identified by words or phrases such as "anticipates", "expects", "believes", "estimates", "intends", "could", "may", "plans", "predicts", "projects", "will", "would", "foresees" and other similar expressions or the negative of these terms.
These statements include those relating to: (i) timing and magnitude of synergies and growth which may be impacted by COVID-19, customer demand, increased competition, the real estate opportunities available, the pace of new store openings, and the amount of time it will take recently opened stores and new stores to ramp up; (ii) expectations regarding the potential benefits to Empire and Longo's business objectives, returns, accretion, and free cash flow generation expected from the acquisition which may be impacted by the points noted in (i) above and the ability of the Company to predict and adapt to changing consumer tastes, preferences and spending patterns, future general economic and market conditions, legislative and regulatory environment in which the Company operates, and the effectiveness of integration efforts; and(iii) the timing and extent of any increase in ownership percentage of Longo's which may be impacted by future results, intentions of the vendors and the achievement of certain business results.
For more information on risks, uncertainties and assumptions that may impact the Company's forward-looking statements, please refer to the Company's materials filed with the Canadian securities regulatory authorities, including the "Risk Management" section of the fiscal 2020 annual Management's Discussion and Analysis.
ABOUT EMPIRE
ABOUT LONGO'S
Longo's is a family-owned Canadian organization that started in 1956 when three brothers, Tommy, Joe and Gus opened their first fruit market. What began as a small family-run store has since grown to a company that operates 36 stores in communities across
Today, Longo's maintains the same family-based values as they did over 65 years ago, putting Family Standards at the heart of everything they do. Longo's is proud to serve their guests the quality standard of food and service they believe every family deserves, and to give back to the communities they operate in through the Longo's
SOURCE
© Canada Newswire, source