Emart buys an upscale Portland-based grocer

Emart has acquired New Seasons Market, an upscale grocery chain headquartered in Portland, Oregon.

On Wednesday, the Korean retailer confirmed that Good Food Holdings, a U.S. subsidiary, had made the purchase as a part of the company’s mid-to-long-term strategy.

Multiple media outlets reported that Good Food Holdings bought New Seasons for $275 million.

New Seasons currently operates 21 stores and five New Leaf Community Markets outlets, primarily in the Portland and San Francisco Bay areas.

After the takeover, New Seasons will operate independently of Good Food Holdings.

Forrest Hoffmaster, head of New Seasons, said he expected good synergies.

“We are proud to join Good Food Holdings with a shared commitment to building community through good food,” Hoffmaster said in a statement.

“This partnership with Good Food Holdings ensures our longevity as a community cornerstone, one that continues to nourish our neighbors and staff, inspire environmental stewardship and champion the local food economy, as we have done since 2000.”

Emart bought Good Food Holdings for $275 million, the same price as the New Seasons deal, last year.

Market analysts expected that the purchase of the California-based holding company of upscale grocery chains Bristol Farms, Lazy Acres Market and Metropolitan could help Emart increase its understanding of the U.S. consumer market.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]