CALGARY, Nov. 4, 2019 /CNW/ - Calgary Co-op and Community Natural Foods are pleased to announce that effective today Calgary Co-op has acquired the retail business of Community Natural Foods. The sale is part of the succession plan for Community Natural Foods' owner and represents a coming together of two long-time community-focused Calgary retailers.
"As representatives of our 440,000 members, Calgary Co-op's Board is pleased support the expansion of Calgary Co-op's commitment to health and wellness, while providing Calgary Co-op members with the benefit of annual net earnings from the Community Natural Foods business," said Patricia McLeod, Board Chair for Calgary Co-op.
With more than 100 years of combined community presence and a similar value set, both Calgary Co-op and Community Natural Foods are looking forward to learning from each other and taking the Community Natural Foods brand further as part of the Calgary Co-op family.
"I really want to thank Calgarians for their loyalty and the Community Natural Foods team for their passion to provide our city with natural and organic food," said Garry Wilkes, Community Natural Foods founder and owner. "It's been an amazing 42-year journey and it was my personal wish to sell to a buyer who would steward the Community Natural Foods business and brand carefully and thoughtfully. I believe the Calgary Co-op team is the perfect fit as our two organizations share similar values and a deep connection to this community," he added.
"For Calgary Co-op's food business to survive and thrive in the long term, we must work locally to increase the relevance of our unique offering of products and services to members' lifestyles," said Ken Keelor, CEO, Calgary Co-op. "We must also deliver steady financial performance for our member-owned co-operative. This acquisition is an important step in that direction."
Calgary Co-op plans to operate Community Natural Foods as an independent, wholly owned subsidiary - with the same commitment to local and organic products and the current staff and management structure in place. "Our entire team looks forward to connecting with the passion and expertise of our Community Natural Foods colleagues," said Keelor.
As the market and demand for local, healthy and convenient products continues to grow, Calgary Co-op is committed to sourcing even more products directly from local producers and farmers. A key part of that will be maintaining and growing the relationships Community Natural Foods has built with its vendors over the years, many of them local.
Community Natural Foods would like to thank CIBC Mid Market Investment Banking for acting as its exclusive financial advisor.
About Community Natural Foods
A well-established organic and natural food retailer, Community Natural Foods was started in 1977 by the Wilkes brothers. It soon grew out of its original location on 11th Avenue SW, moving to its current 10th Avenue Market and Café location. It expanded in 2000 (Chinook Station Market) and again in 2013 (Crowfoot Market).
About Calgary Co-op
Owned by members, Calgary Co-op is one of the largest retail co-operatives in North America. Our locations in Calgary, Airdrie, Cochrane, High River, Okotoks and Strathmore include: food centres, pharmacies, gas stations, car washes, commercial cardlocks, home health care centres, wine, spirits and beer locations, and cannabis. With over 400,000 members, 3,850 employees, assets of $627 million and annual sales of $1.3 billion, Calgary Co-op was recognized as one of Alberta's Top 75 Employers of 2019, and is committed to delivering an exceptional customer experience through inspired team members. For more information please visit www.calgarycoop.com
SOURCE Calgary Co-Operative Association Limited (Calgary Co-op)
For further information: Media Contact: Sage Pullen McIntosh, Manager, Communications, Calgary Co-operative Association Limited, 403-219-6025, ext. 6105