Jim Pattison partners with Quality Foods

On Thursday, it was announced that Jim Pattison, the billionaire B.C. businessman, is now a partner in Quality Foods, the Vancouver Island’s chain.

Marketing director Rob MacKay said the details of the partnership have not been disclosed.

However, the three founding members of the chain–Ken Schley, John Briuolo, and Noel Hayward remain in control of the company.

Pattison, who also owns Overwaitea Foods and Save-On Foods chains, will be able to provide capital for future opportunities.

"These are exciting times for Quality Foods and, now that Jim Pattison has joined our organization, we're planning to get into the game big time," MacKay said Friday to canada.com.

He added that Quality Foods has had a wish list of projects it has wanted to develop for some time, including upgrades and renovations at existing stores and maybe some new ones.

Current plans include major renovations at its Turner Road location in Nanaimo that will include the construction of a second floor on the building, which will house kitchen wares and home decor supplies in a unit called A Step Above.

A Step Above stores have been constructed in Quality Foods' newer locations, but there are no plans at this time for similar upgrades and additions at the company's other two locations in Nanaimo.

Pattison, ranked the third wealthiest person in Canada, and wasn’t available for comment on the new partnership.

The Jim Pattison Group is the third-largest privately held company in Canada with an estimated net worth of around $5.8 billion U.S.

Over the years, there’s been a bevy of new grocery stores being constructed and renovated in Nanaimo including three Save-On-Food locations in the city as well as Costco and the Superstore in the north end.

Wally Wells, president of the Greater Nanaimo Chamber of Commerce, said in the article that someone like Pattison wouldn’t invest in Quality Foods if it meant the stores would be in direct competition with his other grocery store chains.

"Each of the grocery store chains carry different brand names that appeal to different shoppers and markets," Wells said in the article.