Grocery founder Rob Rowe says he will continue to run the business for a Caribbean-based holding company.
A Trinidad and Tobago-based holding company bought Rowe’s IGA Supermarkets, which operates seven Jacksonville stores, for $47 million.
Massy Holdings Ltd. said it completed the acquisition Dec. 12.
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 presence in the U.S.
Rowe said he will continue to run the business.
“It was an opportunity for me to stay in the same position without being an owner,” Rowe said of the sale.
“I’m still running it, but for me, nothing changes,” he said.
Rowe said Rowe’s IGA remains the banner.
“I’m going to remain for quite a while,” he said.
“The acquisition of Rowe’s Supermarkets is part of our integrated retail portfolio strategy to expand our footprint in the U.S. market,” said Aaron Suite, a director at Massy Integrated Retail Ltd.
He said the team running the business will continue to operate it. “And we will provide the support that it needs,” he said.
Massy’s annual report said it operates about 60 companies with about 13,000 employees. About 70% of its operations are in Caribbean countries.