Six years after investing in Quality Foods, The Jim Pattison Group has purchased the 13-store Vancouver Island grocery chain outright for an undisclosed amount.
Pattison has been a minority partner since 2012, joining the three founding members of the chain – Ken Schley, John Briuolo, and Noel Hayward, who opened the first Quality Foods in Qualicum Beach in 1982.
With news of the transaction, Schley and Briuolo announced they would be stepping down. Hayward will continue leading day-to-day operations for the company.
Billionaire businessman Jim Pattison told NanaimoNewsNow there wouldn't be any immediate changes and the Quality Foods brand would remain.
“I would see no reason with the good reputation why anybody would want to change it,” he said.
Pattison's 2012 investment allowed Quality Foods to focus on upgrades and renovations at existing stores and to open new locations. In 2016, the chain cut the ribbon to a 45,000-sq.-ft. store -- it's second in the Victoria area.
The Pattison acquisition involves 13 locations and more than 1,000 employees. Pattison also owns Overwaitea Foods and Save-On Foods chains.