STELLARTON, N.S. — The three branches of the Sobey family that control Canada's second-largest grocery business have decided to put all of their Class B shares of Empire Co. Ltd. into a single holding company.
The president of the new holding company, Stewart Mahoney, says the three families believe the new governance structure will be a better way to administer their interests in Empire — the publicly traded parent of Sobeys Inc.
The business traces its history to 1907, when John William (J.W.) Sobey started a meat delivery business with a horse-drawn cart in Stellarton, N.S.
Empire Co. Ltd. was incorporated in February 1963 and has grown to about $24 billion of annual sales in fiscal 2017, mostly from its national network of grocery stores under various banners.
The Empire Class B stock was acquired from companies controlled by David F. Sobey, children of the late William Sobey and Donald R. Sobey.
Class B Holdings Ltd. now has 92.66 per cent of Empire's outstanding voting common shares. The Sobey families continue to separately hold non-voting Class A shares (TSX:EMP.A) outside of CBHL.
The Canadian Press