Bethesda, Md. An investor group led by Jim Demme has acquired certain retail locations and related operations from gourmet specialty-food retailer Balducci’s LLC.
Demme serves as a senior adviser to New York-based investment firm Angelo, Gordon & Co.
Terms of the transaction were not disclosed.
The transaction includes the purchase of the Balducci’s stores located in Alexandria, Va.; Bethesda, Md.; McLean, Va.; Scarsdale, N.Y.; Westport, Conn. and Greenwich, Conn., as well as Balducci’s licensing, catering and gift-basket operations. All assets have been transferred to the new ownership group with the exception of the Greenwich location, which will be transferred upon receipt of customary approvals, according to the company.
The Balducci’s store located in Ridgefield, Conn., and the two in New York City will remain open until April 26, and the Balducci’s store located in Washington, D.C., will remain open until the week of June 29. These stores will maintain normal store hours and will continue to honor Balducci’s customer rewards, gift certificates and sale promotions through their respective closing dates.
Duff & Phelps Securities, LLC initiated the transaction, assisted in the negotiations and acted as exclusive financial advisor to Balducci’s, LLC.