Boston-based investment firm Berkshire Partners LLC has signed a definitive agreement to make a growth equity investment in Farm Boy Inc., a 13-store Canadian retail grocer based in Ottawa, Ontario. Terms of the investment weren’t disclosed.
“Farm Boy’s stores deliver a unique fresh and friendly shopping experience compared to other food retailers,” noted Berkshire managing partner Chris Hadley. “The company has exacting standards for freshness and quality, which translates into customer value and loyalty.” Founded in 1981, the grocery chain is known for its produce, meat, bakery, cheese and fresh prepared foods, as well as an extensive line of private label products
“Berkshire’s long history of joining forces with family-owned businesses to create growth, combined with its experience investing in grocery retail, give us great confidence that we have found the right partner to expand our business,” added Farm Boy VP Jean-Louis Bellemare, while the company’s CEO, Jeff York, observed that the investment firm “shares our vision for the business.”
Berkshire’s previous investments in retailers and consumer-oriented businesses include extreme discounter Grocery Outlet, Canadian women’s fashion apparel purveyor Aritzia, Party City, and value-oriented optical retailer National Vision.