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News Release Archive Empire reaches agreement to purchase 51 per cent of Longo's and Grocery Gateway , accelerates growing presence in Ontario Empire building momentum and increasing footprint in the Greater Toronto Area ( " GTA " ) of Ontario • 36 Longo's locations to join Empire's growing store network in Ontario • Grocery Gateway adds 70,000 long - standing online customers to Empire's e - commerce business • Longo's and Grocery Gateway will continue to be operated by the successful Longo's leadership team , led by President and CEO , Anthony Longo • Empire and Longo's will together unlock non - customer facing synergies and other benefits • Acquisition price of $ 357 million for 51 % is based on an enterprise value of $ 700 million • Expected to be accretive to earnings per share in the first full fiscal year after closing STELLARTON , NS , March 16 , 2021 / CNW / - Empire Company Limited ( " Empire " or the " Company " ) ( TSX : EMP.A ) announced today that it has signed an agreement to purchase 51 % of Longo's , a long - standing , family - built network of specialty grocery stores in the GTA of Ontario , and the Grocery Gateway e - commerce business . The transaction immediately adds two high - quality banners to Empire's growing grocery store and e - commerce businesses in Ontario . Longo's and Grocery Gateway are powerful strategic additions to Empire's family of brands in the province - Sobeys , Foodland , FreshCo , Farm Boy and Voilà . Longo's operates an excellent business with a very strong brand in the GTA and Southwestern Ontario , the largest grocery market in Canada , and furthers Empire's strategic goal of growing its market presence in Ontario . " Empire has strong momentum and we are laser - focused on our Project Horizon growth plans in key markets like the GTA , both in bricks and mortar and e - commerce , " said Michael Medline , President and CEO , Empire . " Longo's has built one of the most successful and sought - after brands in the GTA and Southwestern Ontario . Longo's is a crown jewel of grocery and as a values - driven company , Longo's culture aligns closely with Empire . We couldn't be happier to be partnering with Anthony and the Longo's team . " Empire's success with the Farm Boy acquisition has set a strong foundation to welcome the Longo's and Grocery Gateway businesses into its family of banners . The Company will continue to grow the Longo's and Grocery Gateway businesses while unlocking benefits through non - customer facing synergies . Longo's and Grocery Gateway customers will see no changes to their experience . Longo's plans to open several new stores over the next five years . " With strong alignment to our family values and purpose , we look forward to working together with Empire to bring the Longo's experience to even more Canadian families , " said Anthony Longo , President and CEO , Longo's . " The more we learned about Empire , the clearer it became that this was the right team to partner with to support our next chapter of growth . And of course , we will continue to offer the same high - quality service and fresh products , exceptional private - label offering and the convenience of e - commerce that our guests have come to know and love . " Grocery Gateway , which currently serves 70,000 loyal customers , will continue as a stand - alone business . Empire will continue to invest in the growth of Grocery Gateway's customer base , while seeking efficiencies through collaboration with Empire's fast growing Voilà online business . Longo's will continue to be led by President and CEO , Anthony Longo , and his team of talented food retail executives . Although managed separately , Longo's will benefit from Empire's infrastructure and capabilities , in areas such as Sourcing , Logistics and Real Estate . The Longo's commitment to community and philanthropy through the Longo's Family Charitable Foundation will continue and , with Empire's support , is expected to grow over time . Founded in 1956 , the first Longo's store was opened by three brothers , Tommy , Joe and Gus Longo . Today the business has grown to 36 locations in the GTA , including 10 new stores in the last 5 years and the Grocery Gateway e - commerce business . Sales were approximately $ 1.1 billion for the year ended February 28 , 2021 . Longo's has developed strong customer loyalty by focusing on providing guests ( customers ) in their stores with fresh , high - quality products , including a variety of prepared foods , and an exceptional assortment of private label products , all paired with remarkable service from their team members . The Longo family has expressed their intentions to remain as long - term shareholders of Longo's . TRANSACTION TERMS Empire will initially acquire 51 % of Longo's issued and outstanding shares based on a total enterprise value of