Supermarket chain headquartered in St. Louis takes ownership of Festival Foods.
In a notable move, the Wisconsin-based supermarket chain Festival Foods is being acquired by Schnuck Markets, a grocery retailer based in St. Louis. The acquisition, set to be completed in October, marks a significant expansion for Schnuck Markets.
Outgoing Festival Foods CEO Mark Skogen stated that their focus has always been on treating customers like guests, supporting associates, and giving back to communities. He mentioned that the transition with Schnucks will help expand their impact and continue their tradition of community support across the Midwest.
Todd Schnuck, Chairman/CEO of Schnuck Markets, shared similar sentiments, stating that their companies share 'strikingly similar' values focusing on communities and excellence in retail. He also referred to the combined companies as redefining what it means to be a regional grocer.
The new company, named the 1939 Group, in honor of the year the first Schnuck grocery store opened, will consist of Schnucks, Festival Foods, and Hometown Grocers. The acquisition includes 100% of the shares of Skogen’s Festival Foods and its Hometown Grocers, as well as shares in the employee stock ownership plan.
The 1939 Group, after the acquisition, will have more than 19,000 employees in total. Todd Schnuck also mentioned that the combination of their companies will welcome more than 8,000 associates to their family, unifying two family legacies.
The sale does not affect the separate corporate headquarters of Festival Foods and Schnucks. Festival Foods owns 51 stores in Wisconsin, with 42 running as Festival Foods and 9 as Hometown Grocers, under various brand names. The Hometown Grocers stores include Dave’s County Market, Denny’s Supervalu, Don’s Quality Market, Lake Mills Market, Lakewood Supervalu, Super Ron’s Food Center, Thompson’s County Market, Thorp Supervalu, and Wittenberg Sentry Foods.
Both Festival Foods and Schnucks maintain their commitment to nourishing lives. Mark Skogen emphasised that their focus on treating customers like guests and supporting associates will continue, while Todd Schnuck expressed confidence in the combined companies' ability to serve communities better.
No new financial details about the acquisition were disclosed in this paragraph. However, the sale is expected to close in October. The acquisition marks a significant step forward for Schnuck Markets, as they continue to grow and expand their reach across the Midwest.
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