Metcash has entered into a binding agreement to acquire Queensland-based food business Peries Group.
The Peries Group operates 15 medium- and large-format IGA supermarkets across Queensland’s South-East, Central, Far North and Wide Bay-Burnett regions. These supermarkets generated approximately $264 million in retail sales in FY26.
Metcash expects the acquisition to grow and strengthen the IGA network in Queensland. The company currently holds a 45 per cent share of Cornetts Group, which operates 35 supermarkets in the state.
“The Peries Group is a high-quality independent business, and its acquisition is consistent with our strategy of protecting, growing and strengthening the independent IGA grocery network,” said Metcash group CEO Doug Jones.
“We believe this transaction will enhance our Queensland presence and create additional opportunities for Metcash and the wider IGA network.”
The estimated purchase price is between $80–$85 million, funded through debt facilities. The deal is expected to complete by the end of next April, subject to customary conditions, including approval from the Australian Competition and Consumer Commission.
Metcash plans to retain the stores within the IGA network and will assess the optimal long-term ownership structure, which may include divestments or joint venture arrangements with independent operators.
The acquisition follows Metcash’s recent receipt of a First Rights Notice from Peries under existing contractual arrangements, after Peries decided to sell the business.
- Further reading: Metcash extends partnership for AI-powered B2B experiences.
