New owners for St. Jacobs Farmers' Market in 2018

For the first time since it opened in 1975, the St. Jacobs Farmers' Market has been sold to new owners.

On Wednesday, Mercedes Corp. announced its plans to sell the market, along with Market Road Antiques, the St. Jacobs Outlets and the TSC store on Weber Street N. to Schlegel Urban Developments.

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Founded by Ross and Milo Shantz, the market and surrounding properties are now managed by a second generation of Shantz entrepreneurs.

Spokesperson Jenny Shantz said this next generation isn't "getting any younger," and the sale was a chance for the family to get out of the business.

It was also a chance for the company's 40 plus shareholders to divest of their investment "in an orderly way."

"There's a little sadness in seeing some of our involvement ebbing away, but we look back and so much has been accomplished," she told CBC News. "We've been able to see many people take ownership in the market, both as vendors and as customers, and we feel good about that."

By selling the market property, Shantz said Mercedes Corp. has sold the majority of its assets and that it would not make sense for the company to carry on as a corporation.

The company still owns several properties in the village of St. Jacobs, including the old mill at the corner of King Street N. and Front Street.

"I think you can expect to see us looking for buyers for those as well over the coming year," Shantz said.

'Business as usual'

The sale is expected to be finalized in early 2018, contingent on "corporate and regulatory approvals," according to a press release.

James Schlegel, CEO of Schlegel Urban Development, said visitors to the market are not likely to notice any difference when the property changes hands.

"We recognize that this is an important community asset and it's working well," he told CBC News. "So our plans are - if I can use the term - business as usual."

In fact, most of the people who had been employed by Mercedes Corp. to run the market will stay on, including long-time Director of Market Operations Sheila Shantz.

Over time, Schlegel said he hopes his company will find ways to improve the market experience, but didn't foresee any changes taking place in the near future.