Winston-Salem, N.C. - The Nationwide Marketing Group has agreed to purchase Cantrex, a $2 billion Canadian buying organization, from Sears Canada.
No purchase price was disclosed.
Cantrex is comprised of more than 1,200 independent dealers specializing in furniture, major appliances, bedding, CE, photography, floor coverings and home fashions.
The purchase, which is expected to close at the end of the month, excludes Corbeil Electrique, Cantrex's 30-store franchised appliance chain.
Nationwide said it has enjoyed "a long-standing collaborative relationship with the Cantrex team," and views the deal as "an excellent opportunity to further increase the group's scale, improve efficiencies and enhance member services."
"Adding billions of dollars to our buying power with the stroke of a pen is a good thing for our members and another exciting step in Nationwide's continued growth," said Nationwide president Robert Weisner.
Added Nationwide COO Les Kirk, "Both Nationwide and Cantrex bring assets to the relationship that will be leveraged to benefit the members of both groups. The synergy between these two companies is incredible and we were immediately impressed with their leadership team."
Kirk said Nationwide expects a "fairly seamless transition."
Cantrex was created in 1982 by merger, and was purchased in 2005 by Sears Canada, a unit of Sears Holdings, to help develop the chain's merchandising, buying, and logistics services in the furniture and appliance categories.
Cantrex will continue to share distribution facilities with Sears Canada in Montreal, Quebec, Vancouver, British Columbia and Vaughan, Ontario, Sears said.
Nationwide currently has about 3,000 member dealers specializing in major appliances, furniture, CE and rent-to own sales with $12 billion dollars in combined revenue.