Metcash, the parent of supermarket brands IGA and Foodland, is expected to seek to raise about $300 million on Monday to fund the purchase of Quadrant Private Equity’s Superior Food Group, as well as two bolt-on acquisitions in the hardware sector.

The Doug Jones-led wholesaler and grocery chain operator will pay a multiple of 9-times 2024 financial year earnings before interest, tax, depreciation and amortisation for Superior Food, or 6.9-times if synergies are included. That equates to a purchase price of between $390 million and $412 million on an enterprise value basis, sources said. Metcash is also acquiring South Australian hardware supplies business, Bianco, for $82 million, and Alpine Hardware for $64 million, they added.