In a year that saw Colorado gain ground in the race for the White House, some of the biggest names in the food and beverage industry have made major acquisitions and investments in Colorado.
In addition to buying the iconic Denver-based American grocery store chain, Kroger Inc. has announced a deal to acquire the Denver-area grocery store and convenience store Lidl, which has been in operation for almost 100 years.
Lidtls stock has jumped from $8.50 per share to $13.50 a share and the company is expected to break even within a year.
A company spokeswoman said in an email that Kroger is adding Lidls grocery store to its portfolio and will invest approximately $250 million in the business.
The company has a significant presence in Colorado, with more than half its stores located in the state.
Kroger has announced plans to expand its grocery store network and to open new stores in Denver, Denver-Lakewood and Colorado Springs.
The acquisition of Lidles stores was announced this month.
Krogers acquisition of Kroger grocery store will give the company an opportunity to extend its footprint in the Denver metro area.
The Lidlins will be joined by more than 70 other grocery chains and restaurants that Krogers will continue to expand.
Lids is a family owned and operated grocery store that opened in 1959.
The Kroger acquisition will give Kroger a foothold in the region and will give it access to a significant portion of the market for fresh groceries and convenience stores.
“We look forward to working with Kroger to further our relationship with Colorado and the greater Denver region,” said Lidly founder and president John Lidlin in a statement.
Kroos acquisition of the Lidels grocery store is expected by the end of the year, according to a company statement.
The grocery chain has more than 4,000 locations across the country and is part of the Kroger Group, a conglomerate of companies with more in common than brands.
The Denver-bound Kroger, which also operates The Littles, was founded in 1960.
The chain is headquartered in Colorado Springs and serves more than 100,000 customers in more than 300 stores.
Kroes purchase of Lids will add to Krogers overall footprint in Colorado and expand its presence in the metro area, the company said in a news release.
Kro’s acquisition of The Lids also gives the company a presence in both Denver and Lakewood.
In January, the Denver Metro Chamber of Commerce approved a resolution to approve the Kroos purchase of The Big Lids grocery store.
The resolution includes an endowment to pay for the purchase.
The purchase also gives Kroos an additional $25 million in capital from the Kroes to help the company expand its footprint.