HCMC Strengthens Market Share in Grocery Industry
Healthier Choices Management Corp. (HCMC) has acquired GreenAcres Market, an organic and natural health food and vitamin chain with five store locations in Kansas and Oklahoma, as part of the continued expansion of the company’s organic grocery segment.
HCMC is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives.
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GreenAcres Market offers organic and all-natural products and vitamins from both top national brands as well as locally sourced specialty brands. Items include everything from organic produce, natural groceries, dietary supplements and freshly prepared food.
“We see this move as another strategic step towards achieving HCMC's growth goals,” said Jeffrey Holman, CEO of Hollywood, Fla.-based HCMC. “Based on their past success, we anticipate the GreenAcres acquisition will propel annual top-line revenue to roughly $75 million.”
The acquisition marks HCMC’s expansion into the midwestern region of the United States. Through its wholly owned subsidiaries, the company currently operates the following organic and natural health food stores: Ada’s Natural Market and Paradise Health & Nutrition, in Florida; Mother Earth’s Storehouse and Greens Natural Foods, in New York and New Jersey; and Ellwood Thompson’s, in Virginia.
According to HCMC, “The potential synergies of bringing like-minded stores together will help maintain the natural products industry’s mission of alternative health education.”
In addition to food stores, HCMC operates Healthy Choice Wellness LLC, in Kingston, N.Y., and has a licensing agreement for a Healthy Choice Wellness Center located at the Casbah Spa and Salon, in Fort Lauderdale, Fla. The company continues to seek out locations for new Healthy Choice Wellness Centers, but there are no agreements currently in place for the opening of any new locations. HCMC also sells vitamins and supplements, as well as health, beauty and personal care products via Healthy U Wholesale.
For its first quarter ending March 31, HCMC reported net sales that amounted to a record $15.9 million, compared with $13.6 million for the year-ago period, an approximately $2.3 million and 17% year-over-year (YoY) increase. Gross profit grew by approximately $1.1 million resulting in a record $6.1 million, compared with $4.9 million for the same period in 2023, a 23% YoY increase.
