Metcash to buy Queensland IGA operator Peries Group for about $80m to $85m

Wholesaler Metcash has agreed to buy Peries Group, a Queensland food retailer that runs 15 IGA supermarkets, in a deal valued at about $80 million to $85 million, the company told the ASX on Monday 19 October, Capital Brief reported.

Metcash said it exercised a first right under existing contracts after receiving a notice that Peries had decided to sell the business. The agreement is binding.

Peries Group made about $264 million in retail sales in the 2026 financial year, and Metcash’s wholesale sales to the group were about $150 million over the same period, according to the announcement. Metcash already owns 45% of the Cornetts group, which operates 35 supermarkets in Queensland, Capital Brief reported.

“We believe this transaction will enhance our Queensland presence and create additional opportunities for Metcash and the wider IGA network,” Metcash Group chief executive Doug Jones said. He said the decision to use the first right “was taken with regard to the longer-term strength of the independent network, as well as delivering returns for shareholders”.

The deal is expected to be completed between the end of April and early May 2027 and is subject to regulatory approvals, the company said. Figures are in Australian dollars.