Food and Staples Retailing
Company Overview of Sobeys Inc.
Sobeys Inc. engages in the food retailing business. It operates through five operating segments: Sobeys West, Sobeys Ontario, Sobeys Quebec, Sobeys Atlantic, and Lawtons. The company operates full service, fresh service, community services, price service, convenience service, and other format stores that provide groceries, fuel and convenience goods, healthcare and beauty products, health foods, and fresh foods. As of August 2, 2014, it owned or franchised approximately 1,500 stores in 10 provinces under the retail banners, such as Sobeys, Safeway, IGA, Foodland, FreshCo, Price Chopper, Thrifty Foods and Lawtons Drugs; and approximately 350 retail fuel locations. The company was founded in 1...
115 King Street
Stellarton, NS B0K 1S0
Founded in 1907
Key Executives for Sobeys Inc.
Chief Executive Officer, President and Chief Executive Officer of Empire Company Limited
Chief Financial & Administrative Officer
President of Multi-Format Operations
President of IGA Operations Business Unit
President of Operations - Safeway
Compensation as of Fiscal Year 2014.
Sobeys Inc. Key Developments
Urban Barns Foods Canada Inc. Signs Memorandum of Understanding with Sobeys Quebec
Sep 24 14
Urban Barns Foods Inc. announced that Urban Barns Foods Canada Inc. has signed a memorandum of understanding dated September 22, 2014 with Sobeys Quebec for the purpose of establishing a collaborative business relationship between the two businesses. The memorandum of understanding is for the test-marketing of produce grown and supplied by Urban Barns to six Sobeys Quebec grocery stores under the IGA banner in the Laurentians and in the City of Montreal. The produce to be tested over the coming weeks will be lettuce, basil and various varieties of micro-greens.
Sobeys Inc. Announces Pricing of $300.0 Million Aggregate Principal Amount of Senior Unsecured Notes Due July 14, 2016
Jul 9 14
Sobeys Inc. announced that it has priced an offering of $300.0 million aggregate principal amount of floating rate senior unsecured Notes due July 14, 2016. The notes are being offered through an agency syndicate consisting of Scotia Capital Inc. and BMO Nesbitt Burns Inc. as co-lead private placement agents, and including CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc. The offering is expected to close on July 14, 2014, subject to customary closing conditions. The notes will be issued at par for aggregate gross proceeds of $300.0 million and will bear interest at a rate equal to the 3-month banker's acceptance rate (CDOR) plus 63 basis points (or 0.63%), to be set quarterly on the 14th day of July, October, January and April of each year. The interest rate for the initial quarterly period will be set on the expected closing date of July 14, 2014. Interest will be payable in cash quarterly, in arrears, over the two-year term on the 14th day of July, October, January and April of each year, commencing October 14, 2014. Sobeys intends to use the net proceeds of the offering to repay indebtedness outstanding under its existing non-revolving, amortizing term credit facility. Immediately following Sobeys' acquisition of the Canada Safeway business on November 4, 2013, the amount outstanding under this credit facility was $1,825.0 million. The current amount outstanding on this credit facility is $1,325.0 million and is expected to reduce to approximately $1,025.0 million as a result of the Notes offering. The notes are being offered in Canada on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation. The notes have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the notes in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under, or an applicable exemption from the registration requirements of, the U.S. Securities Act.
Agropur Cooperative Announces Strategic Partnership Agreement with Sobeys
Jul 8 14
Agropur Cooperative announced that it has concluded a strategic partnership agreement with Sobeys that includes the purchase of the dairy processing activities as well as long term supply agreements. The value of the transaction totaling $356 million includes: The purchase of four plants: two located in Edmonton (AB) (milk - ice cream), one in Winnipeg (MB) (milk) and one in Burnaby (BC) (milk); The licensing of the Lucerne trademark to Agropur for the production and distribution of fluid milk and cream; Long term supply agreements that will come into effect upon the transfer of the facilities to Agropur and expiry of current supply agreements.
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