New Seasons Market Merges with Good Food Holdings
Independent grocer New Seasons Market, which also operates New Leaf Community Markets, is merging with Good Food Holdings and will continue to operate separately as certified B Corporations.
Good Food Holdings — owned by South Korean company Emart — is the holding company of independent grocers Bristol Farms, Metropolitan Market and Lazy Acres Natural Market, all on the West Coast.
“We are proud to join Good Food Holdings with a shared commitment to building community through good food,” said Forrest Hoffmaster, New Seasons Market and New Leaf Community Markets CEO. “This partnership with Good Food Holdings ensures our longevity as a community cornerstone − one that continues to nourish our neighbors and staff, inspire environmental stewardship and champion the local food economy, as we have done since 2000.”
New Seasons Market will continue to operate its stores in the Portland, Ore., and southwestern Washington metro areas, and New Leaf Community Markets will remain in California, but some changes are being made to their Seattle-area stores.
Metropolitan Market will acquire the Mercer Island, Wash., store and convert the operation by mid-2020; the Ballard, Wash., location will close by the end of the year; and the new location slated for the Central District of Seattle will be cancelled.
The agreement between New Seasons Market and Good Food Holdings is expected to close in January 2020. The leadership team will stay the same, and 10% of after-tax profits will still be given to the local community.
“We are thrilled to welcome New Seasons Market and New Leaf Community Markets to our family of brands,” said Matt Turnbull, managing director of Good Food Holdings. “We’ve long admired New Seasons and New Leaf as industry innovators, and look forward to partnering with their local leadership teams to deliver the best experience for customers, staff and the community.”
Portland, Ore.-based New Seasons Market currently operates 21 independent grocery stores in Washington, Oregon and California, as well as four New Leaf Community Market locations in Northern California.
New York-based P.J. Solomon is exclusive financial advisor to New Seasons on the transaction.