A Trinidad and Tobago-based holding company said it bought Rowe’s IGA Supermarkets, which operates seven Jacksonville stores, for $47 million.
Massy Holdings Ltd. said it completed the acquisition Dec. 12. It did not announce any plans for the independent supermarket chain.
Rob Rowe established Rowe’s IGA in 2005 by acquiring stores closed by Albertsons Companies Inc. after that supermarket chain pulled out of the Jacksonville market.
Rowe is a former executive with the Albertsons and Winn-Dixie chains.
Massy is a century-old company with investments mainly in the Caribbean region in three areas: integrated retail, gas products and motors and machines.
The company said in a news release that it bought Rowe’s to expand its retail footprint in the U.S.
Massy’s annual report said it operates about 60 companies with about 13,000 employees. About 70% of its operations are in Caribbean countries.
The only U.S. business listed is a distribution company in Miami. Massy also has businesses in Colombia and Guyana.
Massy, which is publicly traded on the Trinidad & Tobago Stock Exchange, reported revenue of $1.8 billion last year.
It reported pre-tax earnings of $153 million, and the company said the addition of Rowe’s is expected to increase pre-tax profit by about 4%.
