Schnuck Markets, Inc. and its holding company, 1939 Group, Inc. secured a definitive agreement to purchase 100% of the shares of the Wisconsin-based parent company of Skogen’s Festival Foods and Hometown Grocers, Inc.
The purchase includes shares held by Mark Skogen, CEO of Festival Foods and Hometown Grocers, Inc. as well as the shares in the trust held by associates in their Employee Stock Ownership Plan, says Todd Schnuck, chairman and CEO of Schnuck Markets, in a news release.
The 1939 Group, Inc. is owned by the family that owns Schnuck Markets, Inc., whose name honors the year the family’s matriarch, Anna Donovan Schnuck, opened the first store in St. Louis, Mo.
Skogen’s Festival Foods’ and Hometown Grocers’ 51 stores are located throughout Wisconsin. Forty-two stores operate under the Skogen’s Festival Foods banner, while Hometown Grocers includes nine banners: Dave’s County Market, Denny’s SuperValu, Don’s Quality Market, Lake Mills Market, Lakewood SuperValu, Super Ron’s Food Center, Thompson’s County Market, Thorp SuperValu and Wittenberg Sentry Foods. Upon the sale’s closing, the 1939 Group says it is committed to maintaining the stores’ existing banners, all of which are well-known and respected in the communities they serve.
“Our family is honored to be entrusted with the Skogen family legacy, one that began serving Wisconsin communities in 1946 and continued for decades under the leadership of Dave and Barb, and later, under Mark as CEO,” says Todd Schnuck. “Schnucks, Skogen’s Festival Foods and Hometown Grocers share a strikingly similar set of core values, tracing our success to decades of consistently focusing on the communities we serve, the values we share and the ongoing quest for excellence in grocery retail. With this combination, we’re welcoming more than 8,000 associates to our family, unifying two family legacies and redefining what it means to be a regional grocer.”
Upon closing of the purchase, Todd Schnuck will become chairman and CEO of the newly-formed 1939 Group, and will also lead a workforce of more than 19,000 as chairman and CEO for Schnuck Markets, Inc., Skogen’s Festival Foods and Hometown Grocers.
“It’s been a privilege to serve Wisconsin communities and continue the legacy my grandparents began in 1946,” says Mark Skogen, outgoing CEO of Festival Foods and Hometown Grocers, Inc. “Our focus has always been on treating every customer like a guest, supporting the growth of our associates who make that experience possible and giving back to the communities we serve. With Schnucks’ shared commitment to nourishing lives, this transition will help expand our impact and continue our tradition of community support across the Midwest.”
Upon completion of the purchase, Schnucks, Skogen’s Festival Foods and Hometown Grocers, Inc. will maintain their existing corporate headquarters and operate as separate, sister companies with shared support by the 1939 Group. The 1939 Group and Schnucks are based in St. Louis, Mo., and Skogen’s Festival Foods’ and Hometown Grocers’ offices are located in Onalaska and Green Bay, Wis. The closing is anticipated to be completed later in October, subject to customary review and approval for these types of transactions, the release says.
According to the release: “The establishment of the 1939 Group is a remarkable milestone for Schnucks teammates, as well as the Schnuck family — paving the way for the continued growth, investment and preservation of Schnucks, Skogen’s Festival Foods and Hometown Grocers as thriving, family-owned companies — 86 years and counting.”
