Schenectady / Williamsville, N.Y. — Price Chopper/Market 32 and Tops Markets today announced they have entered into an agreement that nearly doubles the collective Northeast footprint of the two independent grocery chains.
Scott Grimmett, Price Chopper/Market 32 president and CEO, will be CEO of and serve on the board of directors of the new parent company, which will oversee the operations of nearly 300 Price Chopper, Market 32, Market Bistro, and Tops Markets stores, and collectively employ more than 30,000 people. Frank Curci, Tops Markets chairman and CEO, will also serve on the board and as a consultant to assist in the transition. Blaine Bringhurst, Price Chopper/Market 32 executive VP of merchandising, marketing, and store operations, will lead the Price Chopper/Market 32 business. Tops Markets President and COO John Persons will lead the Tops Markets business.
The new parent company will be headquartered in Schenectady, N.Y. The Price Chopper/Market 32 and Tops Markets businesses will retain main offices in Schenectady and Williamsville, and will continue to be managed locally by their respective leaders.
“I’ve seen tremendous change in our industry across my 65-year career and have long been an advocate for the promise of innovation and partnership, like that which has driven this merger forward,” said Neil Golub, Price Chopper/Market 32’s executive chairman of the board. “I can assure you that our commitment to sustaining and improving the communities in which we operate remains steadfast.”
With roots dating back to the 1920s, both grocery store chains have grown exponentially over the last century, building and acquiring stores across Upstate New York and throughout the Northeast.
The transaction is expected to close in the coming months, subject to regulatory approval and customary closing conditions. Financial terms of the transaction were not disclosed.
PJ Solomon is acting as exclusive financial advisor to Price Chopper. Harter Secrest & Emery LLP and Wilson Sonsini are serving as legal advisors to Price Chopper. Deutsche Bank Securities Inc. is acting as exclusive financial advisor to Tops Markets. Paul Weiss LLP and Hogan Lovells US LLP are serving as legal advisors to Tops Markets.
