Sobeys to buy Pete's Fine Foods

Sobeys has announced it's purchasing Pete Luckett's grocery retail and wholesale business in Nova Scotia.

The deal includes the Pete's Fine Foods stores in Halifax and Bedford, N.S., as well as one wholesale operation. (A third Pete's store in Wolfville, N.S. closed earlier this year.)

"Sobeys is an ideal match, truly an Atlantic Canadian success story, built on the same entrepreneurial spirit as Pete's," said Pete Luckett. "It's the right time for me to transition from the grocery industry into the winery business."

Details of the sale have not been released.

The stores will continue to operate under the Pete's Fine Foods brand, with Luckett staying on in a consulting capacity.

"Pete has instilled a unique culture in his stores and a food offer that resonates with his customers," said Peter Doucette, general manager, Sobeys Atlantic.

"We don't want to change that. In fact, we want to build the Pete's brand and grow the opportunities for the business in Atlantic Canada. With Sobeys' resources and ability to support growth and expansion in the region, we can make that happen," he added.

The sale is scheduled to close Monday, and no job losses are expected.

This is the second acquisition for Sobeys in Atlantic Canada this year. In May it bought the food and gas assets of Moncton, N.B.-based Co-op Atlantic.