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GP is a 50-year-old family business with annual sales of over $300 million. GP operates 15 supermarkets in Quebec City and Eastern Quebec, including 8 under the Metro and Metro Plus banners, and 7 under the GP banner.
The transaction is expected to close in late September 2009 and is subject to the usual conditions, including approval from regulatory agencies.
The transaction is expected to be accretive to next fiscal year's financial results.
"We are pleased to have reached this agreement which strengthens our presence in Eastern Quebec. Metro is proud to continue the tradition of excellence that GP has upheld for the past 50 years," stated Eric R. La Flèche, President and CEO of Metro.
"Metro's partnership with GP dates back over 40 years. We feel that Metro's steady growth and solid track record make it the best choice to maintain our stores' growth and development," announced Guy Pelletier, President and CEO of Groupe GP.
Mr. Pelletier thanks his clients for their loyalty and support over the years, as well as the 1,800 Groupe GP employees for their professionalism, drive and dedication.
Metro Inc.
With an annual sales figure of nearly $11 billion and over 65,000 employees, Metro Inc. is a leader in the food and pharmaceutical sectors in Quebec and Ontario, where it operates a network of close to 600 grocery stores under various banners, including Metro, Metro Plus, A&P, Super C and Food Basics, as well as 250 pharmacies under the Brunet, Clini Plus, The Pharmacy and Drug Basics banners.
Groupe GP Inc.
Groupe GP inc. will henceforth focus its energy on the real estate sector, where it has been active for the last 34 years. The Groupe has over $130 million in assets such as shopping centres, office buildings and warehouses. It also owns some 7,500,000 sq. ft. of land for future development in Quebec City and Eastern Quebec.
Forward - looking information
This release contains various terms that could be considered as forward-looking information. In general, any statement contained in this release that does not constitute a historical fact may be deemed a forward-looking statement. Expressions such as "expected" and "conditions," as well as other similar expressions, generally indicate forward-looking statements. These forward-looking statements do not provide any guarantee regarding Metro's future performance or the outcome of the transaction, and are subject to potential risks, known and unknown, as well as uncertainties that could cause the outcome to differ significantly. An economic slowdown or recession, and the arrival of a new competitor are examples of the risks described in the "Risk Management" section of Metro's 2008 Annual Report which could have an impact on these statements. Metro does not intend to update any forward-looking statements that this release might contain, except if required by law.
SOURCE: METRO INC.
SOURCE: Groupe GP inc.
Marie-Claude Bacon, Director, Corporate Affairs Department, Metro Inc., (514) 643-1086, mbacon@metro.ca; Jean Ferron, Communications Conseil Ferron, (418) 692-3001, (418) 564-2517; Sources: Metro Inc.; Les Supermarchés GP Inc.
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