US-based supermarket chain Schnuck Markets and its holding company, the 1939 Group, have agreed to acquire the Wisconsin-based parent company of Skogen’s Festival Foods and Hometown Grocers.
The deal involves purchasing the shares owned by Festival Foods and Hometown Grocers CEO Mark Skogen, as well as those held in trust by employees through an Employee Stock Ownership Plan (ESOP).
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After the transaction is finalised, Todd Schnuck will take on the role of chairman and CEO of the newly established 1939 Group.
He will also oversee a workforce exceeding 19,000 employees as chairman and CEO of Schnuck Markets, Skogen’s Festival Foods, and Hometown Grocers.
Skogen’s Festival Foods and Hometown Grocers operate a total of 51 stores across Wisconsin. This comprises 42 stores under the Skogen’s Festival Foods banner and nine other banners under Hometown Grocers such as Dave’s County Market, Denny’s Supervalu, and Don’s Quality Market, among others.
Post-acquisition, the 1939 Group has committed to retaining the existing store banners.
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By GlobalDataFollowing the completion of the acquisition, Schnucks, Skogen’s Festival Foods, and Hometown Grocers will continue to operate as independent entities, maintaining their current headquarters.
Schnuck Markets chairman and CEO Todd Schnuck said: “Our family is honoured to be entrusted with the Skogen family legacy, one that began serving Wisconsin communities in 1946 and continued for decades under the leadership of Dave and Barb, and later, under Mark as CEO.”
Headquartered in St Louis, Missouri, the 1939 Group and Schnucks will be joined by Skogen’s Festival Foods and Hometown Grocers, whose offices are based in Onalaska and Green Bay, Wisconsin.
The transaction is expected to close next month, subject to the usual regulatory reviews and approvals.
Skogen said: “It’s been a privilege to serve Wisconsin communities and continue the legacy my grandparents began in 1946.
“Our focus has always been on treating every customer like a guest, supporting the growth of our associates who make that experience possible and giving back to the communities we serve.”
The deal will expand the family-owned grocery business’ operations to 164 outlets across Missouri, Illinois, Indiana and Wisconsin.
