Tops Markets on Monday announced that its management group’s acquisition of Tops Holding II Corp. from New York City–based Morgan Stanley Private Equity closed on Sunday.
Tops Markets didn’t release any financial terms of the deal.
The transaction completion means that Tops is a “fully” locally owned and operated company, it said in a news release.
Tops Markets is headquartered in the Buffalo suburb of Williamsville.
The group that proposed the acquisition includes the six members of Tops’ executive management team, including Frank Curci, the firm’s president and CEO.
It also includes Kevin Darrington, COO; Rick Mills, CFO; John Persons, senior vice president of operations; Jack Barrett, senior vice president of human resources; and Lynne Burgess, senior vice president, general counsel, and secretary.
Tops’ management bought the company’s stock and will own all assets and liability, the grocery store company said.
Morgan Stanley Private Equity has been a “very supportive partner” for Tops managers for more than five years, Tops contends. In that time, the grocer doubled its store count, increased its geographic footprint, and added new jobs in the markets it serves.
Tops Markets operates 159 grocery stores in New York, Pennsylvania, and Vermont, the firm said. The company employs more than 15,000 people.
Contact Reinhardt at ereinhardt@cnybj.com