Roche Bros. to Sell Controlling Interest to Wholesale Customer
Roche Bros. Supermarkets is selling controlling interest to one of its suppliers. The family-owned retailer that operates 20 stores in Massachusetts entered into agreement with Bozzuto's Inc., a deal through which the wholesaler is said to control a majority of the business.
In a statement, co-owners Caitlin, Ed and Rich Roche explained the decision to approach the future in a strategic but familiar way. "After many decades under family ownership, this decision marks an important step in the company’s evolution, aimed at sustaining Roche Bros.' legacy while positioning it for new opportunities,” they wrote. "This decision was made thoughtfully and with our team, our customers, and our shared values as our guiding priorities. After many wonderful years as a family-owned business, this partnership will allow us to reinforce our stability, ensure quality and continue our positive impact in the community.”
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The Roche family affirmed that Caitlin and Rick Roche will continue in their respective leadership roles. They also maintained that customers should not expect changes in their shopping experiences.
Bozzuto’s shared its own statement underscoring that point, declaring: “The reported transaction will enable Roche Bros. to maintain its autonomy and continue to independently operate and grow its business. We remain fully committed to serving all of our retail partners moving forward."
According to an attorney for Bozzuto’s who spoke at a Boston licensing board meeting last week, the Roche family members sold Bozzuto’s a 51% share of the company.
Based in Cheshire, Conn., Bozzuto’s is a wholesaler of food and household products serving independently owned retailers in the Northeast and mid-Atlantic. It was founded in 1945 and is currently led by Chairman, President and CEO Michael A. Bozzuto.
Regional grocer Roche Bros. operates 14 Roche Bros. and Sudbury Farms stores in Massachusetts.
