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[ad_1] New Seasons Market is being offered. The brand new proprietor will likely be West Coast-based Good Meals Holdings firm. New Seasons CEO Forrest Hoffmaster advised OPB the deal was signed Monday evening. He expects it to be finalized within the new yr. Proper now, a non-public fairness agency known as Endeavor Capital owns 64% of New Seasons Market, an funding it started in 2009. Different New Seasons traders embody founders Stan Amy and Scott Roseman, in addition to some longtime employees. Beneath the brand new deal, Good Meals Holdings will buy the complete operation. “It’s considered a merger from an operating structure, but it’s a 100% buyout,” Hoffmaster stated. Good Meals Holdings was bought by South Korea’s Emart final yr as a part of the worldwide retailer’s West Coast-based U.S. enlargement. Hoffmaster described Good Meals Holdings as a retailer whose philosophy is to function impartial, autonomous manufacturers (like New Seasons) which can be centered on their particular area. Hoffmaster stated he’ll stay CEO and New Seasons and New Leaf Markets will retain the identical management groups. “I think it’s actually a really smart strategy right now in a world of consolidation … which is really creating a more homogenized landscape,” he stated. “And Good Food Holdings is dedicated to investing in local food retail companies where we can each maintain our own unique and deep relationships with customers that we have in our local community.” Good Meals Holdings additionally owns the grocery chains Metropolitan Market in Seattle and Bristol Farms and Lazy Acres Markets in California. Rumors of a sale have circulated amongst New Seasons workers for months, a few of whom had held out hope for some sort of worker possession construction. That’s not occurring beneath this deal. Hoffmaster stated he expects the sale to be finalized in January. [ad_2] Source link