Wed | Aug 16, 2017

H&L sale to close by yearend

Published:Sunday | October 18, 2015 | 10:00 AM

GraceKennedy reported progress in the negotiations for the sale of its hardware subsidiary on Friday, saying the main conditions of the transaction have been met.

The deal is now expected close by year end, the conglomerate said.

At mid-year, GraceKennedy announced that it was divesting its 58 per cent controlling stake in Hardware & Lumber Limited (H&L) to Greystone Equity Partners Inc or nominee.

The parties were negotiating around a price of $18.50 per share.

Greystone is expected to make an offer to buy out other minority shareholders once the deal with GraceKennedy is finalised.

The H&L business includes the Rapid True Value and Agro Grace retail chains.

"I feel very positive about the continued growth of H&L under the prospective new owners who are excited about the possibilities for the future," said GraceKennedy CEO Don Wehby.

business@gleanerjm.com