The management and employees of Homeland Acquisition Corp. (HAC), consisting of Homeland, United of Oklahoma, Country Mart stores in Oklahoma and Super Save stores in north central Texas, has completed an employee buyout transaction allowing employees to purchase the company, which operates 76 retail grocery stores, from Associated Wholesale Grocers (AWG), a retail-owned cooperative.
The stock purchase deal closed on Dec. 27.
AWG purchased the bulk of these stores out of bankruptcy in September 2002.
“AWG has been a very progressive owner, investing in remodeling and updating locations,” said Darryl Fitzgerald, president of HAC Inc. “They furnished us with the resources to help our company recover and then begin to grow. The turnaround of these stores has been the direct result of our hardworking, dedicated employees. It is gratifying to see those efforts rewarded with ownership.”
The conversion of HAC Inc. to an employee-owned company will be achieved through an Employee Stock Ownership Plan. Employees will be credited with shares of company stock annually, which will become vested based on the employee’s service to the company, and the value of the stock earned will later be paid to the employees.
“We are proud to continue our role in providing our customers in Oklahoma and Texas the freshest, highest quality food available. Our employees will continue to serve their neighbors with gratitude and appreciation for their business,” Fitzgerald said. “Employee ownership ensures everyone’s mutual interest is absolutely aligned in the business. In that regard, we are all focused on providing the best service possible to our customers.”