Massy buys Florida supermarket chain
Published:Friday | December 16, 2022 | 12:32 AM
Massy Holdings Limited has acquired full ownership of Rowe’s IGA Group, operator of a supermarket chain in the United States, for US$47 million.
Formed in 2005, Rowe’s, a member of the Independent Grocers Alliance, has seven supermarkets spread across Jacksonville, northeast Florida, and is listed by federalpay.org as having at least 394 employees. The acquisition of the chain of seven supermarkets was completed on December 12, Massy said in a market filing.
Rowe’s sole owner was Robert A Rowe.
Massy, a diversified conglomerate with just under TT$12.7 billion, or US$1.87 billion, in combined assets, is engaged in trading, service industries and finance in Trinidad and Tobago, the wider Caribbean region, and Colombia. The Trinidad & Tobago-based conglomerate has been disposing of non-core assets and buying others that it sees as being in alignment with its new strategic direction as an investment holding company.
Two weeks ago, Massy also inked a deal for the Air Liquide’s Trinidad gas operations for US$51 million to US$58 million, subject to performance of the business. That deal, struck on November 28, is subject to regulatory approval.
Massy’s businesses span motors and machines, financial services, gas products, integrated retail and real estate.
In a release to the Jamaica Stock Exchange and Trinidad & Tobago Stock Exchange, Massy said the acquisition of Rowe’s IGA is in line with its strategy of growing its integrated retail portfolio, and should grow Massy Group’s assets by one per cent, or US$18.7 million, and profit before tax by four per cent, or US$6 million.