SCHENECTADY, N.Y. — Tops Markets has completed its merger with Price Chopper / Market 32 in a deal that brings together two upstate New York–based grocery store chains and resulted in the sale of 12 Tops stores.
The Federal Trade Commission (FTC) approved the deal and the regulatory-review process is now complete, per a joint news release.
Financial terms of the transaction were not disclosed. The companies first announced the merger agreement Feb. 8, and it took nearly nine months to complete the deal. Both chains operate stores in Syracuse and Central New York.
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Under the terms of the agreement, their respective leaders will manage the two companies, and the grocery stores will continue operations under their established brand identities. However, a new parent company, Northeast Grocery, Inc., will own and oversee the stores.
As previously announced, Scott Grimmett, the 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 chairman and CEO of Tops Markets.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals,” Grimmett 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.”
Blaine Bringhurst will serve as president of the Price Chopper/Market 32 business, and John Persons will be president of the Tops Markets business. Dave Langless, the CFO of Tops, will serve as the parent company’s CFO, per the news release.
Northeast Grocery, Inc. is headquartered in Schenectady, along with Price Chopper/Market 32. Tops Markets will retain its main office in Williamsville, a Buffalo suburb.
Tops Markets stores sold
The FTC’s regulatory-review process mandates the divestiture of 12 of the combined companies’ stores. Keene, New Hampshire–based C&S Wholesale Grocers (C&S) has been approved to acquire all 12 stores.
GU Markets LLC, an affiliate of C&S Wholesale Grocers, will operate these stores. C&S will continue to recognize the union workforce at these locations. The 12 Tops stores to be divested and purchased by C&S Wholesale Grocers are in the following locations:
Cooperstown — 5 Commons Dr.
Cortland — 3932 State Route 281
Norwich — 54 E Main St.
Owego — 1145 NY-17C
Rome — 217 Erie Blvd. W.
Saranac Lake — 156 Church St.
Sherrill — 87 E State St.
South Watertown — 1330 Washington St.
Watertown — 22050 Seaway Shopping Ctr.
Rutland (Jefferson County) — 14 N. Main St.
Peru (Clinton County) — 50 S. Main St.
Warrensburg (Warren County) — 3836 Main St.
