Canadian grocer Metro Inc. has purchased a majority stake in Marche Adonis, paving the way for the Montreal-area ethnic food retailer to expand its banner in Quebec and Ontario.
Metro, which owns a large network of traditional and discount supermarkets in both provinces, now holds a 55% stake in Adonis and its distributor, Phoenicia Products. Adonis founders retain a 45% stake and will continue to manage both companies. No dollar value for the transaction was provided.
Chief executive Eric La Fleche said Metro’s participation with Adonis will help the company better meet the needs of various cultural communities and increase its share of that fast-growing market segment.
Jamil Cheaib, one of the three founders and owners of Marche Adonis, said the partnership with Metro will help the company to accelerate the development of its business in Canada’s two largest provinces.
Founded in 1978, Marche Adonis specializes in Mediterranean products. It has four large-format stores in the Montreal region and is building a fifth in the south shore city of Brossard.
Phoenicia Products, which imports and distributes exclusive Phoenicia and Cedar brand products, has two warehouses, one in Montreal and one in Toronto.
Metro has more than 65,000 employees and annual sales exceeding $11 billion. It operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.
