Billionaire Jim Pattison says he has invested an undisclosed sum in Vancouver Island-based grocery store chain Quality Foods to support the company's plans for the future.

"We have just made an investment in it to help the company to grow and take some opportunities that they may not be able to have necessarily on their own," Pattison told the Times Colonist in an interview from Vancouver. "We are certainly there to help them from a financial point of view if they need it."

Pattison, who runs B.C.'s biggest supermarket chain under several brands including Save On Foods and Overwaitea, competes with Quality Foods in Nanaimo, the Parksville area, Campbell River and Powell River.

Pattison said his investment does not include managing Quality Foods. Company founders said Monday that they will continue running the 11 Quality Foods locations, retaining its culture and philosophy.

In 1968, Pattison acquired Overwaitea Foods, which dates back to 1915 in New Westminster. Today Pattison's supermarket empire has 120 stores under the banners of Save-On-Foods, Overwaitea Foods, Cooper's Foods, Urban Fare, PriceSmart Foods and Bulkley Valley Wholesale.

Quality Foods has 10 stores on Vancouver Island — three in Nanaimo and others in Qualicum Beach, Nanoose, Parksville, Port Alberni, Courtenay, Comox, and Campbell River — and another in Powell River.

"We liked the management of the company, we liked the future on Vancouver Island. We just liked everything these folks do," Pattison said.

Pattison's net worth is estimated at $5.8 billion by Forbes, which ranked him as the third-weathiest person in Canada. He heads the Jim Pattison Group, a diversified Vancouver-based company. It had $7.2 billion in sales in 2010, and 33,000 employees in 455 locations, its website said.

His holdings include an automotive group selling nine brands in 18 locations, Westshore Terminals in Delta, Great Pacific Capital, real estate divisions in North America, and Ripley Entertainment attractions. The billionaire also has the Pattison Sign Group, Canfisco and television and radio broadcasting operations.

Ken Schley, John Briuolo and Noel Hayward launched Quality Foods in 1982 with a store in Qualicum Beach.

Managing partner Hayward said Pattison shares the company's strategic vision for the future. "This provides long-term security and growth, which in turn creates opportunities," he said in a statement.

Schley, Quality Foods' director of operations, said the company was thrilled with a "fantastic new partnership with B.C.'s very own and one of Canada's best entrepreneurs, Mr. Jimmy Pattison."

Quality Foods founders said they remain in control of the company, including future growth and daily operations. "What this does for Quality Foods is allow us to now concentrate on what would otherwise be insurmountable opportunities."

The company said it has close to 1,000 employees.

Plans are being developed for upgrades to the Nanaimo store in the Northridge Centre, company marketing manager Rob MacKay said.

Quality Foods' newest store in Courtenay is 45,000 square feet, and its Nanoose store is 11,000 square feet. Newer stores are 30,000 square feet or larger.