Overwaitea Food Group Signs Purchase Agreement with Sobeys Inc.

15 Grocery Stores across BC and Alberta to be purchased

VANCOUVER, Feb. 13, 2014 /CNW/ - The Overwaitea Food Group (OFG) is pleased to announce the purchase of 15 store locations in British Columbia and Alberta from Sobeys Inc.

As part of Sobeys' acquisition of Canada Safeway, Canada's Competition Bureau required divestiture of a number of their locations. Overwaitea Food Group entered into discussions with Sobeys which resulted in the agreement to purchase a total of 15 high-quality community stores.

The stores to be acquired include:

"We are thrilled to be able to welcome these stores, along with their existing team members and customers to our Group," says Darrell Jones, president.  "As a local grocer our philosophy is to tailor our stores and the mix in those stores to suit the needs of our customers and their communities. We rely on the folks who work in each of our stores to help us understand and deliver that. By welcoming more than 1,500 of the best grocers in North America to our team, we are in a great position to continue growing our business in these locations," he added.

As part of this significant investment in the future of the Overwaitea Food Group, 14 store locations will be transitioned to the Save-On-Foods banner and 1 to the Cooper's Foods banner.

"This acquisition adds significantly to Save-On-Foods' existing presence in both BC and Alberta and positions us for further growth in these provinces and beyond," added Jones. "We've been successful for 100 years because we care about one thing above everything else: doing what's right for our customers, where they live. We look forward to continuing this commitment in each of these new locations."

about the Overwaitea Food Group
The Overwaitea Food Group (OFG) got its' name nearly a century ago from customers who were happy to get "Over-Weight-Tea" (18 ounces for the price of 16) every time they bought a pound. Today, OFG is Canada's largest Western-based food store chain, feeding families in over 100 communities across British Columbia and Alberta. Its first store originally located in New Westminster, BC, OFG currently operates 129 stores under the Save-On-Foods, Overwaitea Foods, Cooper's Foods, Urban Fare, PriceSmart Foods and Bulkley Valley Wholesale banners. With the support of more than 14,000 team members, OFG proudly provides customers with great local value in unique and innovative ways.

about Save-On-Foods
With 80 stores in BC and 28 stores in Alberta, Save-On-Foods is an award-winning grocery store format in Western Canada, with a reputation for innovation and delivering an exceptional grocery shopping experience. At Save-On-Foods, you'll find everything you need at the low prices you want - with quality, selection and service you can't put a price on.

about Cooper's Foods
With community at the forefront, Cooper's Foods continues to build strong connections to its customers by over-delivering on friendly and helpful service because "Cooper People Care." All 14 locations across British Columbia share the same devotion to customers, team members and community that began over 50 years ago with their first store in Revelstoke, BC.

SOURCE: Overwaitea Food Group