With the regulatory review process complete and having received approval from the Federal Trade Commission, Price Chopper/Market 32 and Tops Markets have completed their merger. The deal, whose financial terms were not revealed, was announced in February.
Under the terms of the agreement, the two supermarket companies will be managed locally by their respective leaders and continue to be referred to by their established brand identities. They will be owned and overseen by a new parent company, Northeast Grocery. Northeast Grocery will be headquartered in Schenectady, N.Y., as will Price Chopper/Market 32. Tops Markets will retain its main office in Williamsville, N.Y.
Scott Grimmett, current president and CEO of Price Chopper/Market 32, will lead the new parent company. He will also serve on its board of directors as will Frank Curci, former Tops Markets chairman and CEO. Blaine Bringhurst will serve as president of the Price Chopper/Market 32 business and John Persons as the president of the Tops Markets business. Dave Langless, the CFO of Tops, will serve as the parent company's CFO.
The merger virtually doubles the companies’ collective footprints, with a combined footprint of nearly 300 stores.
"We're appreciative of the FTC's diligence in reviewing this merger and grateful to have received all of the necessary approvals,” said Grimmett. “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.”
The regulatory review process by the FTC mandates the divestiture of 12 of the combined companies' stores. C&S Wholesale Grocers (C&S) has been approved to purchase all 12 locations. GU Markets LLC, an affiliate of C&S Wholesale Grocers, will operate these stores. The 12 Tops stores to be divested and purchased by C&S Wholesale Grocers are: