SCHENECTADY and WILLIAMSVILLE, NY. – Price Chopper/Market 32 and Tops Markets closed their merger following completion of regulatory review and approval from the Federal Trade Commission (FTC).
Financial terms of the transaction were not disclosed; however, the FTC required the divestiture of 12 of the combined companies’ stores. C&S Wholesale Grocers (C&S) has been approved to purchase all 12 stores. GU Markets LLC, an affiliate of C&S Wholesale Grocers, will operate these stores and C&S will continue to recognize the union workforce at these locations.
“We believe that this merger will be a positive for our membership, preserving union jobs and strengthening the company’s prospects into the foreseeable future,” said Frank DeRiso, president of the UFCW Local One. “We are pleased that we have an agreement with the new owner and they are committed to retaining all of the existing union jobs and contracts. We would like to thank the office of the NYS Attorney General, Senator Chuck Schumer and our UFCW International Union for their guidance, assistance and cooperation during this complicated process. This merger will benefit both consumers and union members.”
The two companies will be owned and overseen by a new parent company, Northeast Grocery Inc., led by Scott Grimmett, the current president and chief executive officer of Price Chopper/Market 32. He will also serve on its board of directors as will Frank Curci, former Tops Markets chairman and CEO.
Dave Langless, the CFO of Tops, will serve as CFO of Northeast Grocery Inc.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals,” Grimmet said. “Now, we can dedicate ourselves to bringing these two storied grocery chains together, leveraging best practices, developing new opportunities, and finding efficiencies that will help us continue to deliver distinctive shopping experiences.”
Price Chopper/Market 32 and Tops Markets will be managed locally by their respective leaders and continue to be referred to by their established brand identities. Blaine Bringhurst will serve as president of the Price Chopper/Market 32 business and John Persons as the president of the Tops Markets business.
Northeast Grocery headquarters will be in Schenectady, NY, as will Price Chopper/Market 32. Tops Markets will retain its main office in Williamsville, NY.
“Completing the details of this merger marks a major milestone for the management teams of both Price Chopper/Market 32 and Tops,” Grimmett said. “And I’m confident that our teammates and associates are excited about it and will continue to deliver excellence.”
Price Chopper/Market 32 was founded in 1932 by the Golub family. The company operates 130 Price Chopper and Market 32 grocery stores and one Market Bistro, employing 18,000 teammates in New York, Vermont, Connecticut, Pennsylvania, Massachusetts, and New Hampshire.