Montreal, August 1st, 2017 – METRO INC. (TSX: MRU) announced today that it has signed a definitive agreement to acquire a majority interest in MissFresh Inc., a Montreal company specializing in the delivery of ready-to-cook meals. Ever-responsive to industry trends, METRO is thereby positioning itself in a growing market: the online sale of ready-to-cook meals. MissFresh's three cofounders will retain 30% of the capital and continue to take an active part in the company's management with the existing team.
"We are pleased to partner with the three founders of MissFresh, dynamic entrepreneurs who have developed a promising concept that is already popular with consumers.”, said François Thibault, Executive Vice President, Chief Financial Officer and Treasurer, METRO. “As an alternative solution to healthy eating that is easy to prepare and delivered to your door, MissFresh offers products that will be complementary to what we have in store, which will help us to better meet the needs of consumers.”
"We are thrilled to partner with METRO, a leading Canadian food distribution company, which will enable MissFresh to accelerate its growth and development in Canada.", said Marie-Eve Prevost, cofounder of MissFresh.
Founded in Montreal in 2015 by Marie-Eve Prevost, Bernard Prevost, and Ritter Huang, three passionate entrepreneurs, MissFresh is a Canadian company that meets a growing demand from families and professionals who want to eat healthy and balanced foods, but who have little time for shopping and preparing meals.
METRO
With annual sales of over $12 billion, METRO INC. (TSX: MRU), founded in 1947, is the only major Canadian food distribution company to have its head office in Quebec. Along with its affiliates and franchisees, METRO INC. employs in Quebec and Ontario over 65,000 people, whose mission is to exceed their customers’ expectations every day to earn their-long term loyalty. METRO INC. operates a network of almost 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, Metro Pharmacy and Drug Basics banners.
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FORWARD-LOOKING INFORMATION
We have used, throughout this press release, different statements that could, under the regulations issued by the Canadian Securities Administrators, be construed as being forward-looking information. In general, any statement contained herein, which does not constitute a historical fact, may be deemed a forward-looking statement. The use of future and conditional tenses are generally indicative of forward-looking statements. These forward-looking statements do not provide any guarantees as to the future performance of the Corporation or the outcome of the transaction and are subject to potential risks, known and unknown, as well as uncertainties that could cause the outcome to differ significantly. An economic slowdown or recession, or the arrival of a new competitor, are examples of risks described under the “Risk Management” section of the 2016 Annual Report which could have an impact on these statements. We believe these statements to be reasonable and pertinent as at the date of publication of this report and represent our expectations. The Corporation does not intend to update any forward-looking statement contained herein, except as required by applicable law.
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METRO
Geneviève Grégoire
Corporate Affairs Department
genevieve.gregoire@metro.ca
(514) 643-1000, ext. 2055