Brookshire enters Oklahoma with new acquisition
Brookshire Grocery Co. is adding a fourth state to its operating area.
The regional Southwestern supermarket chain has entered into an agreement to acquire Reasor LLC and its 17 grocery stores in Oklahoma. Reasor’s will be the newest banner for the family-owned Brookshire Grocery, which currently operates more than 200 stores under four banners — Brookshire’s, Super 1 Foods, Fresh by Brookshire’s and Spring Market — across Texas, Louisiana and Arkansas.
After the transaction closes, the acquired stores will continue to operate under the Reasor’s name. In addition to its 17 grocery stores, Reason's operates one convenience store. The company employs more than 2,000 people in Northeastern Oklahoma.
“Reasor’s is a perfect fit for Brookshire Grocery Company. Our company culture and values are the same," said Brad Brookshire, chairman and CEO, Brookshire Grocery Co. "We’re a family business that started with my grandparents opening our first small store in Tyler, Texas, more than 93 years ago. We are dedicated to embracing our Reasor’s employee-partners and offering the best service to the Oklahoma community. Our company’s mission is to create and deliver exceptional experiences and value to our customers through our core values of excellent service, integrity and doing our best every day.”
The transaction, expected to close in the first quarter of 2022, has been approved by the governing boards of both companies. However, the closing is subject to customary closing conditions, including obtaining required governmental approvals and the approval of the transaction by the Reasor’s Holding Company Employee Stock Ownership Plan, which is the sole shareholder of Reasor’s parent entity.
“We are pleased to have secured a strong grocery retailer in Brookshire Grocery Company, who shares our focus on customers and values their employees," said Jeff Reasor, chairman and CEO of Reasor’s. "We are confident that these stores will experience continued success as a part of BGC. Reasor’s and BGC are working closely together to ensure a smooth transition for employees in these stores. We are excited that the employees will have opportunities to grow in their careers in these stores and throughout the company."
Other recent acquisition activity among regional Southwestern grocery chains includes the nearly 90-years-old Bashas’ Family of Stores signing a definitive agreement to be acquired by California-based regional grocer Raley’s Holding Co. Both companies are family-owned and independent.
In the transaction, The Food Partners served as strategic and financial adviser and Haynes and Boone served as legal counsel to BGC.