MONTREAL, Aug. 31 /CNW Telbec/ - Metro Inc. ("Metro") and Les
Supermarchés GP inc. ("GP") announced today that they have reached an
agreement regarding Metro's acquisition of Les Supermarchés GP.
GP is a 50-year-old family business with annual sales of over $300
million. GP operates 15 supermarkets in Quebec City and Eastern Quebec,
including 8 under the Metro and Metro Plus banners, and 7 under the GP banner.
The transaction is expected to close in late September 2009 and is
subject to the usual conditions, including approval from regulatory agencies.
The transaction is expected to be accretive to next fiscal year's
"We are pleased to have reached this agreement which strengthens our
presence in Eastern Quebec. Metro is proud to continue the tradition of
excellence that GP has upheld for the past 50 years," stated Eric R. La
Flèche, President and CEO of Metro.
"Metro's partnership with GP dates back over 40 years. We feel that
Metro's steady growth and solid track record make it the best choice to
maintain our stores' growth and development," announced Guy Pelletier,
President and CEO of Groupe GP.
Mr. Pelletier thanks his clients for their loyalty and support over the
years, as well as the 1,800 Groupe GP employees for their professionalism,
drive and dedication.
With an annual sales figure of nearly $11 billion and over 65,000
employees, Metro Inc. is a leader in the food and pharmaceutical sectors in
Quebec and Ontario, where it operates a network of close to 600 grocery stores
under various banners, including Metro, Metro Plus, A&P, Super C and Food
Basics, as well as 250 pharmacies under the Brunet, Clini Plus, The Pharmacy
and Drug Basics banners.
Groupe GP Inc.
Groupe GP inc. will henceforth focus its energy on the real estate
sector, where it has been active for the last 34 years. The Groupe has over
$130 million in assets such as shopping centres, office buildings and
warehouses. It also owns some 7,500,000 sq. ft. of land for future development
in Quebec City and Eastern Quebec.
Forward - looking information
This release contains various terms that could be considered as
forward-looking information. In general, any statement contained in this
release that does not constitute a historical fact may be deemed a
forward-looking statement. Expressions such as "expected" and "conditions," as
well as other similar expressions, generally indicate forward-looking
statements. These forward-looking statements do not provide any guarantee
regarding Metro's future performance or the outcome of the transaction, and
are subject to potential risks, known and unknown, as well as uncertainties
that could cause the outcome to differ significantly. An economic slowdown or
recession, and the arrival of a new competitor are examples of the risks
described in the "Risk Management" section of Metro's 2008 Annual Report which
could have an impact on these statements. Metro does not intend to update any
forward-looking statements that this release might contain, except if required
For further information:
For further information: Marie-Claude Bacon, Director, Corporate Affairs
Department, Metro Inc., (514) 643-1086, firstname.lastname@example.org; Jean Ferron,
Communications Conseil Ferron, (418) 692-3001, (418) 564-2517; Sources: Metro
Inc.; Les Supermarchés GP Inc.