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Let’s TalkHarps Food Stores Acquires Janise’s Supermarket in Louisiana
Harps Foods Store, a retail supermarket chain based in Arkansas, United States, acquired Janise’s Supermarket, based in Louisiana, on July 13, 2023. Harps Food Store has a retail presence in Arkansas, Kansas, Louisiana, Mississippi, Missouri, and Oklahoma and is expanding further within Louisiana.
Transaction Summary
The Facts of the Acquisition
- Target: Janise’s Supermarket is a retail supermarket that has been serving Sunset, Louisiana, since 1974.
- Acquirer: Harps Food Stores is an employee-owned retail supermarket chain based in Arkansas. It has more than 100 stores in Arkansas, Kansas, Missouri, and Oklahoma.
Our Take on the Acquisition
In a saturated grocery market like the United States, acquiring a regional grocer like Janise’s Supermarket (target) makes sense for Harps Food Stores (acquirer) as a means to expand into new states. The alternative of opening new stores in already established neighborhoods would not yield a positive result due to competition. It would also make sense for Harps to continue its acquisition strategy and expand further into Louisiana and adjoining states.
The Transaction
| Date: | July 13, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand in Louisiana |
| Acquirer’s Statement: | Kim Eskew, chairman and CEO of Harps Food Stores – “We are thrilled to welcome Janise’s Supermarket into the Harps Food Stores family. This acquisition aligns perfectly with our strategic growth plans and allows us to expand our footprint in Louisiana. We are committed to honoring Janise’s Supermarket’s legacy and serving the Sunset community with the same level of excellence they have come to expect.” |
Target/Seller: Janise’s Supermarket
Company Information
Product Information
| Products: | Baked Goods – Flour-based food baked in an oven Dairy – Milk and other products derived from milk Deli – Ready-to-eat foods such as cooked meats and prepared salads Frozen Foods – Items frozen to increase shelf life General Grocery – General items for daily use and consumption Meat – Beef, pork, chicken, and others Fresh Produce – Farm-produced crops, including fruits and vegetables Snacks – Packaged and processed food in small portions Liquor – Alcoholic drinks and spirits |
| Market Reach: | Sunset, Louisiana |
Financial Information
| Revenue: | Up to USD $5.0 million (Unconfirmed Source: ZoomInfo) |
| Revenue per Employee: | USD $333,333 (i.e., USD $5.0 million / 15 employees = USD $333,333 – estimated based on the self-published number of employees and the revenue from ZoomInfo) |
Did You Know?
The global food and grocery retail market was valued at USD $11.3 billion in 2021, according to Grand View Research. It is expected to grow at a compound annual growth rate (CAGR) of 3.0% from 2022 to 2030. Consumers are driving the development and acceptance of new grocery delivery models like buy online, pick up in-store – also called click and collect – curbside pickup, and direct-to-door are becoming more popular, marking a shift in consumer behavior.
Target/Seller Overview: Janise’s Supermarket
Janise’s Supermarket, formerly Sunset Community Store, a community grocer, has been serving Sunset, Louisiana, and the surrounding area. Dwayne Janise and Lori Janise Labbe grew up in the supermarket business. Their parents, Larry and Jean Janise, operated the Sunset Community store for 27 years till 2001. After their parents’ retirement in 2001, Dwayne Janise and his wife, Dori, and Lori Janise Labbe and her husband, Kevin, bought the store. They changed its name to Janise’s Supermarket to recognize and pay tribute to their family’s continued commitment and support to the local and surrounding area.
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Explore Your Options NowBuyer/Acquirer: Harps Food Stores
Company Information
| Buyer: | Harps Food Stores |
| Website: | harpsfood.com |
| Founded: | 1930 |
| Industry: | Retail (Supermarket) |
| Type: | Private, employee owned |
| Employees: | 4,999 (Source: Wikipedia) |
| Locations: | Head Office: 918 S, Gutensohn Rd, Springdale, Arkansas, United States |
Product Information
| Products: | Baked Goods – Flour-based food baked in an oven Dairy – Milk and other products derived from milk Deli – Ready-to-eat foods such as cooked meats and prepared salads Frozen Foods – Items frozen to increase shelf life General Grocery – General items for daily use and consumption Meat – Beef, pork, chicken, and others Fresh Produce – Farm-produced crops, including fruits and vegetables Snacks – Packaged and processed food in small portions Liquor: Alcoholic drinks and spirits | |
| Market Reach: | Arkansas Kansas Louisiana Mississippi Missouri Oklahoma |
Financial Information
| Revenue: | USD $1.01 billion (Unconfirmed Source: Zippia) |
| Revenue per Employee: | USD $220,044 (i.e., USD $1.01 billion / 4,999 employees = USD $220,044 – estimated based on the number of employees from Wikipedia and revenue from Zippia) |
Buyer/Acquirer Overview: Harps Food Stores
Harps Food Stores was founded by Harvard and Floy Harp in 1930. In 2001, Harps became employee-owned after buying company shares from the Harp family. The stores are supplied by Kansas City-based Associated Wholesale Grocers. Harps’ head office is in Arkansas, and it has supermarkets across Arkansas, Oklahoma, Missouri, and Kansas. It has supermarkets in Mississippi and Louisiana via The Markets, a supermarket chain it acquired in 2022. In addition to its flagship brand, the company operates grocery stores under four banners: Food4Less, in southwest Missouri; CashSaver, in Tulsa; 10Box Cost-Plus, in Arkansas, Missouri, and Oklahoma; and Warehouse Market, in Tulsa, Oklahoma. It operates a franchise of Ace Hardware in Charleston, Arkansas.
Previous Acquisitions by Harps Food Stores
- The Markets (2022) – The Markets is a retail grocery chain based in Mississippi, United States, with three stores in Louisiana and four in Mississippi.
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Sources
- Company Profile
- harpsfood.com
- janisessupermarket.com
- Other Sources
- Unconfirmed Sources