Musgrave acquires J&J Haslett

6 July 2007

Musgrave Group, the partner to entrepreneurial retailers and food service professionals, today, Friday, 6th July announces the acquisition of J&J Haslett, a major food wholesaler and cash and carry business in Northern Ireland. The transaction is subject to regulatory approval in the UK and in the Republic of Ireland which is anticipated in September.

J&J Haslett, which has been in business since 1854, supplies almost 200 Mace and 70 XL Stop and Shop stores as well as operating seven Holmes cash and carry outlets. The business in the year to 31 December 2006 had a turnover of Stg£192 million (Euro€282m) and employs 360 people at eight locations across Northern Ireland.

On completion of the transaction, Michael Hamilton, Managing Director, and Ronnie Lewis, Finance Director, will leave the J&J Haslett business and Martin Kelleher, currently SuperValu Sales Director in the Republic of Ireland, will become Managing Director. Tom Uprichard, Delivered Business Director, and Michael Patterson, Trading Director will remain in their current positions with the company and as part of the new board.

Commenting on the acquisition, Chris Martin, CEO of Musgrave Group said: “J&J Haslett is an excellent business with a strong position in the dynamic Northern Ireland convenience market. The bringing together of this well run business, combined with the expertise of Musgrave in developing retail brands, growing and developing retailer relationships and using our scale and buying power to maximum benefit for our customers, will, we believe, secure the future growth of J&J Haslett, along with its Mace and XL Stop and Shop retailers and its cash and carry customers.”

Musgrave and Haslett’s not only compliment each other in terms of their approach to business, but are also an excellent fit in terms of values and culture. Both companies and their retail partners are also at the heart of local communities throughout Ireland and the United Kingdom offering consumers choice, value and a quality service.

With these core values very much in mind, we are looking forward to partnering with entrepreneurial Mace and XL Stop and Shop retailers and Holmes cash and carry customers to support, invest and develop those brands into the future.”

Michael Hamilton, Managing Director of J&J Haslett, said: "We are delighted that Musgrave Group is acquiring the business. We were very keen to ensure the continued success and growth of J&J Haslett by finding a purchaser with values and a business ethos similar to our own. We know that Musgrave Group is the ideal partner to our retailers going forward and are confident that its excellent track record in the Irish and United Kingdom markets will ensure that the business continues to grow and develop in the interests of the retailer, consumer and loyal employees”.

Ends

Notes to editor:

The Mace brand referred to above applies only to the brand in Northern Ireland and does not include the use of the brand in either Great Britain or the Republic of Ireland.

For further information please contact:

Edelman: 01 6789333
Joe Carmody: 086 8058764
Mark Cahalane: 087 2302737

Sue Lamon-Diver
Musgrave
Communications Manager
086 2273397

Nikki McDowell
J&J Haslett
PR Executive
O2890 301188 / 07793 187696

About Musgrave Group
The Musgrave Group is partner to entrepreneurial food retailers and foodservice professionals in Ireland, the UK and Spain. The company now supports 11 brands and serves more than 3,000 stores in Ireland, the UK and Spain. In 2006 Group sales were €4.6 billion and Group retail turnover was €6.7 billion.

About Musgrave GB
In Great Britain, Musgrave partners with Budgens and Londis retailers.

About J&J Haslett
J&J Haslett is a major food wholesaler and cash and carry business established in 1854. It operates almost 200 Mace and 70 XL Stop and Shop stores and seven Holmes cash and carry outlets in Northern Ireland. The business employs 360 people and in the year to 31 December 2006, the company had a turnover of Stg£192 million (Euro€282m).