Two Northeast independent supermarket chains are combining forces.
Price Chopper/Market 32 and Tops Markets have entered into a definitive merger agreement that will nearly doubles their collective footprint in the Northeast. The new parent company will total nearly 300 Price Chopper, Market 32, Market Bistro and Tops Markets stores and have more than 30,000 employees. Financial terms of the transaction were not disclosed.
Based in Schenectady, New York, Price Chopper/Market 32 operates 131 stores in New York, Vermont, Connecticut, Pennsylvania, Massachusetts, and New Hampshire. Based in Williamsville, New York, Tops Markets operates 162 stores in New York, Pennsylvania, and Vermont.
The new parent company will be headquartered in Schenectady. The Price Chopper/Market 32 and Tops Markets businesses will retain main offices in Schenectady and Williamsville, New York, respectively, and will continue to be managed locally by their respective leaders.
Scott Grimmett, president and CEO of Price Chopper/Market 32, will be CEO of and serve on the board of the parent company. Frank Curci, chairman and CEO of Tops Markets, will serve on the board of the company and as a consultant to assist in the transition.
"This merger marks a major step forward and collectively elevates our ability to compete on every level," said Grimmett. "It leverages increased value for our customers; advances shared opportunities for innovation; fortifies the depth of our workforce, community and trade partnerships; and ultimately accelerates our capacity to deliver a distinctively modern and convenient shopping experience.”
Blaine Bringhurst, executive VP of merchandising, marketing and store operations at Price Chopper/Market 32, will lead the Price Chopper business. John Persons, president and COO of Tops Markets, will lead the Tops business.
"We have long believed that this merger makes sense both strategically and based on the similar ways in which we each put customers first, go to market and treat our people," said Curci. "We look forward to working closely with the Price Chopper/Market 32 team and together becoming an even stronger competitor with more scale, as we continue serving our customers and communities."
With roots dating back to the 1920s, both Tops Markets and Price Chopper/Market 32 have grown exponentially during the last century, building and acquiring stores across Upstate New York and throughout the Northeast. The merged companies are committed to serving their markets across the Northeast.
The transaction is expected to close in the coming months, subject to regulatory approval.