WASHINGTON — Royal Ahold, parent company of Giant Food, is acquiring 25 of the Richmond, Va.-based Ukrop's Super Markets for $140 million, according to a press release issued by Ahold. The deal includes 25 of the company’s 27 stores, inventory, equipment and lease agreements.
Royal Ahold expects the acquisition to be finalized in the first quarter of 2010. The company plans to retain Ukrop's employees.It remains undetermined if the acquired stores would maintain the Ukrop's name.
"This acquisition is part of Ahold’s profitable growth strategy," John Rishton, chief executive officer of Ahold, said. "Ukrop’s is a great company with a strong heritage in an attractive market. We believe that Giant-Carlisle and Ukrop’s will be a strong combination."