Major Vancouver Island Deal Brings 49th Stores Under Country Grocer Banner
The Richmond family in front of one of the 49th Parallel Grocery stores
DUNCAN – Country Grocer has purchased the four 49th Parallel Grocery stores on Vancouver Island.
Country Grocer’s parent company, Island Independent Buying Group Ltd., and the 49th Parallel Grocery Group of Companies made the announcement February 14, and will take over operation of the 49th stores in Cedar, Duncan, Ladysmith and Chemainus on February 20.
The ownership transition is part of the succession plan for 49th Parallel’s shareholders, the Richmond family, and the transaction represents the unification of two community-focused grocery retailers, which combined will operate 11 locations across Vancouver Island under Country Grocer ownership. “The Richmond family would like to extend our sincerest thanks to our loyal communities where we operate, and to the entire 49th Parallel Grocery team for their enduring commitment to quality and service over the past [46] years,” said Peter Richmond, President & CFO of 49th Parallel Grocery. “We are delighted to see the business become part of a bigger, multi-generational, family operated grocery business with similar family and community values as 49th Parallel Grocery.”
“Country Grocer is the ideal ownership group to keep the independent voice alive and well here on Vancouver Island.”
Wally Large, co-founder of Country Grocer, says “Country Grocer is extremely excited about this acquisition, and we look forward to working with everyone on the 49th Parallel team. Our ownership team has an incredible amount of respect for the Richmond family and the amazing job they have done serving the communities that they operate in.
“Much like the Richmond family, Country Grocer’s operations began as humble beginnings in 1984 here on Vancouver Island, and today is operated by a multi-generational ownership team who will be dedicated to continuing the legacy of quality service to these communities for years to come.”
CIBC Mid-Market Investment Banking is serving as exclusive financial advisor to Country Grocer, and Grant Thornton Corporate Finance Inc. is serving as exclusive financial advisor to 49th Parallel.
Founded in 1977, 49th Parallel is a family run business operating four locations collectively comprising over 80,000 square feet of grocery retail and employing over 380 team members, providing locally sourced and big-name grocery products to their communities.
They recently completed a brand new building at Berkey’s Corner in Duncan that earned an Award of Excellence in the Retail category of the 2022 Vancouver Island Real Estate Board Commercial Building Awards, and they sold their smaller, long-established Duncan store.
Island Independent Buying Group/Country Grocer Group has roots dating back to 1984, and is a locally owned and operated family business operating seven grocery stores under the Country Grocer brand serving Greater Victoria, Salt Spring, Cobble Hill, Lake Cowichan and Nanaimo.
By Mark MacDonald
