Who Owns Empire Company?

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Who Owns Empire Company Limited?

Empire Company Limited, a Canadian retail giant, has a rich history rooted in family enterprise. Founded in 1963 and headquartered in Stellarton, Nova Scotia, it oversees Sobeys Inc., a supermarket chain tracing its origins back to 1907.

The company's enduring vision, driven by the Sobey family, centers on providing exceptional food and shopping experiences to nurture families. This family-centric approach has guided its growth into Canada's second-largest food retailer.

Who owns Empire Company Limited?

Empire Company Limited's ownership is notably influenced by a dual-class share system. This structure plays a significant role in its governance and strategic stability. The company's commitment to its founding principles is reflected in its operations, including its Empire BCG Matrix analysis.

As of fiscal 2024, Empire Company Limited reported substantial figures, with approximately $31.5 billion in annual sales and $16.9 billion in assets. It employs around 128,000 individuals across more than 1,500 stores, operating under various banners such as Sobeys, Safeway, and IGA.

The ownership of Empire Company Limited is deeply rooted in the legacy of the Sobey family and their foundational grocery business, Sobeys Inc. This connection highlights a long-standing family involvement in the company's direction and control.

Founding of Sobeys Inc.

Sobeys Inc. began in 1907 with John W. Sobey, a carpenter who initiated a meat delivery service. By 1912, he had opened the first Sobeys store, broadening its offerings.

Partnership and Expansion

A pivotal moment occurred in 1924 when John W. Sobey partnered with his son, Frank H. Sobey. Frank was instrumental in transforming the butcher shop into a comprehensive grocery store.

Establishment of Empire Company

Frank Sobey acquired Empire Company Ltd. around 1946, repurposing it as the family's investment arm. The company was named after a former theater asset.

Family Control Maintained

While specific early shareholdings are not public, the Sobey family established and maintained controlling interest through Empire Company Limited, founded in 1963.

Generational Leadership

The family's control was reinforced when Frank Sobey's sons, Donald, Bill, and David, assumed management in 1971. This ensured the business remained family-directed.

Long-Term Vision

Early strategic decisions and the family's enduring commitment underscore a strategy focused on sustained growth and maintaining leadership.

The Sobey family's influence has been paramount in shaping the corporate power distribution and overall direction of the company. This long-standing family involvement is a key aspect of understanding who owns Empire Company and its historical trajectory, a strategy that has seen continued focus on growth and market presence, as detailed in the Growth Strategy of Empire.

Early Ownership Structure

The foundation of Empire Company Limited's ownership rests with the Sobey family, stemming from their initial grocery enterprise. This family control has been a consistent theme throughout the company's history.

• John W. Sobey founded Sobeys Inc. in 1907.
• Frank H. Sobey partnered with his father and expanded the business.
• Empire Company Ltd. was acquired by Frank Sobey around 1946.
• The Sobey family has maintained controlling interest since the company's inception.
• Generational leadership has ensured continuity in family management.

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Empire Company Limited, established in 1963, transitioned to a public entity in 1982. A significant shift in its ownership occurred with the acquisition of Sobey Holdings Limited between 1980 and 1981, securing a 50.97% interest in the grocery sector. By 2007, Empire Company Limited fully acquired all outstanding common shares of Sobeys, integrating its food retail operations.

The Sobey family's influence on Empire Company Limited's ownership structure remains substantial, primarily through various holding companies. As of February 23, 2025, individual investors hold the largest portion of shares at 38%, followed by private companies at 28%. Key Sobey family entities, Sumac Holdings Limited and Dunvegan Holdings Limited, possess 14% and 13.19% of outstanding shares, respectively. These holdings are consolidated under Class B Holdings Ltd. (CBHL), which, along with its affiliates, controls approximately 92.70% of Empire's Class B common shares, highlighting the family's enduring voting power. Empire also maintains a 41.5% interest in Crombie REIT, a real estate investment trust specializing in grocery-anchored properties. This strategic real estate investment impacts the company's operational and governance strategies.

Understanding Empire Company's Shareholder Landscape

The ownership of Empire Company Limited is a blend of individual investors, private entities, and significant family control. This structure influences the company's strategic direction and governance.

• Individual investors represent the largest shareholder group.
• Private companies hold a substantial stake in the company.
• The Sobey family exercises significant control through dedicated holding companies.
• Class B Holdings Ltd. consolidates the family's voting power.
• Empire Company's ownership evolution reflects strategic acquisitions and consolidation.
• The company's stake in Crombie REIT is a key aspect of its asset management.
• Understanding who owns Empire Company is crucial for analyzing its business strategy.
• The Revenue Streams & Business Model of Empire provides further insight into its operations.

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The governance of Empire Company Limited is significantly influenced by its dual-class share structure, which vests substantial voting power with the Sobey family. The company issues Non-Voting Class A shares (TSX: EMP.A) and Class B Common Shares, with Class B shares predominantly held by the Sobey family through Class B Holdings Ltd. (CBHL).

As of December 2017, CBHL and its affiliates controlled approximately 92.70% of the outstanding Class B common shares, underscoring the Sobey family's significant control over strategic decisions and board elections. The company operates under a majority voting policy for director elections, requiring nominees to receive more votes in favor than withheld. In the Annual General Meeting held on September 12, 2024, 100% of the Class B shares voted in favor of each director nominee, reflecting strong family backing for the current board. This structure is a key element in understanding who owns Empire Company and who controls Empire Company.

Empire Company's Shareholder Structure

Empire Company Limited's ownership is concentrated due to its dual-class share structure. The Sobey family maintains significant control through Class B shares.

• Class A shares are non-voting and widely traded.
• Class B shares carry voting rights and are primarily held by the Sobey family.
• The Sobey family's control ensures their influence on strategic direction.
• Understanding this structure is crucial for comprehending Empire Company ownership.
• For more details on the company's origins, see the Brief History of Empire.

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Empire Company Limited has navigated a dynamic period over the past three to five years, marked by strategic divestitures and investments. These actions reflect a commitment to optimizing its retail footprint and enhancing customer engagement, aligning with broader industry shifts. The company's ownership structure remains rooted in its public trading status, with ongoing management and board activities shaping its direction.

Empire Company's strategic initiatives demonstrate a clear focus on operational enhancement and adaptation to consumer preferences. The transition to the Scene+ loyalty program, in which the company holds an ownership stake, signifies a move towards integrated customer relationship management. These developments underscore a forward-looking approach to business, aiming to improve sales, gross margin, and profitability through targeted programs and strategic partnerships.

Capital Investment Focus

In fiscal 2025, the company is allocating approximately $700 million towards capital expenditures. This significant investment is directed towards modernizing existing stores, expanding its retail presence, and bolstering its IT infrastructure and business development efforts.

Strategic Asset Management

Recent corporate actions include the sale of its Western Canada fuel operations in July 2023 and a property sale-leaseback in Q1 fiscal 2025, which resulted in a $39.0 million pre-tax gain. These moves highlight a strategy of optimizing asset utilization.

Loyalty Program Evolution

The company has transitioned its loyalty program from Air Miles to Scene+, in which it holds an ownership stake. This strategic shift aims to enhance customer engagement and leverage data for personalized offers.

Leadership and Governance

Recent leadership changes include the retirement of CFO Matt Reindel and the appointment of Constantine (Costa) Pefanis in May 2025. The election of Lisa Lisson to the Board of Directors in September 2024 further shapes the company's governance. For more on the company's guiding principles, see Mission, Vision & Core Values of Empire.

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