Wisconsin-based Festival Foods, which has long branded itself as family- and employee-owned, will soon be purchased by a Missouri-based grocery chain, according to Wisconsin Public Radio.
The agreement stipulates that 1939 Group, a holding company owned by the family that owns St. Louis-based Schnuck Markets, will purchase 100% of the parent company of Festival Foods and Hometown Grocers.
Shares included in an employee stock ownership plan come as part of the deal.
The deal will affect 51 grocery stores throughout Wisconsin, including 42 Festival Foods locations and nine Hometown Grocers.
The sale is expected to close after October. The grocery chains will reportedly maintain their existing corporate headquarters and operate as sister companies.
