PAY AND SAVE, INC. ACQUIRES PORTER'S GROCERY STORES

PRESS RELEASE - NOV. 30th, 2023

Littlefield, TX: Pay and Save, Inc. (dba: Lowe's Market, Food King, Super Save and Lowe's Mercado)has entered into an agreement to purchase all Porter's Grocery store locations.

Effective November 30th, 2023, Lowe's will begin operating the 78-year-old Porter's chain of stores. Technology upgrades will be made to the stores, along with a broader offering of products, but no large-scale changes to the business model will be made at this time.

"Lowe's Market and Porter's Grocery are very similar. We both have high standards and deep roots in the communities we serve. This acquisition was between friends and we share the responsibility for making the transition a smooth one for both customers and employees." stated Roger Lowe, President and CEO of Pay and Save, Inc..

"The Lowe family and their company culture are the gold standard for family-owned grocers. Their approach to business aligns perfectly with our founding principles, and we know they will take care of our customers and team members", added a spokesperson for the Porter family.

Pay and Save, Inc. began in 1963 with the purchase of their first store in Olton, Texas. The owners applied the golden rule to customers, employees, and vendors. As a result, the company prospered and grew in popularity. Today, there are 153 stores in Texas, New Mexico, Arizona, Colorado, and Kansas. Lowe's remains a Texas-based, family-owned business.

CONTACT:

Matt Corbin

Matt.corbin@lowesmarket.com