(Festival Foods)
ST. LOUIS, MO (WTAQ) — Wisconsin’s Festival Foods has been acquired by a Missouri-based grocery company.
The 1939 Group, a newly-formed holding company, will own both Festival Foods and Schnucks Markets, a chain with locations in Missouri, Illinois, and Indiana.
The deal includes the shares of Festival Foods owned by Festival CEO Mark Skogen and all of the shares owned by Festival’s Employee Stock Ownership Plan.
“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,” said 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.”
“It’s been a privilege to serve Wisconsin communities and continue the legacy my grandparents began in 1946,” said Skogen. “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.”
Festival operates 42 stores across Wisconsin and employs more than 8,000 people. The stores are expected to maintain their name, branding, and corporate headquarters.
The financial details of the acquisition were not immediately disclosed.
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