Schenectady, NY / Williamsville, NY — Price Chopper/Market 32 and Tops Markets today announced that they have entered into a definitive merger agreement that creates a powerful alliance between the two storied independent grocery chains, as it nearly doubles their collective footprint in the Northeast.
This transaction unites two iconic New York-based grocery
chains with deep ties to their local communities and shared commitments to
service, savings, and convenience. With increased scale across their almost
perfectly contiguous footprints, the merged companies are expected to be better
positioned to compete and offer even more value and outstanding services to
their customers across the Northeast.
Scott Grimmett, Price Chopper/Market 32’s 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
teammates. Frank Curci, Tops Markets Chairman and CEO, will serve on the Board
of Directors of the new parent company and as a consultant to assist in the
transition. Blaine Bringhurst, Price Chopper/Market 32’s Executive Vice
President of Merchandising, Marketing and Store Operations, will lead the Price
Chopper/Market 32 business. John Persons, Tops Markets President and Chief
Operating Officer, will lead the Tops Markets business.
The new parent company will be headquartered in Schenectady,
NY. 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.
“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. Given the vital role
that supermarkets and their workforces play in our communities, particularly
this past year, I am excited to lead the parent company of these two historic
grocery retailers.”
“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.”
“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.”
“Tops has always put serving customers and providing an
exceptional shopping experience at the center of everything we do, and this
merger is no different,” said Persons. “Our associates, who take pride in their
work and recognize the importance of the role they play in taking care of
customers and communities, will continue to be the backbone of our
company."
With formative roots dating back to the 1920s, both Tops
Markets and Price Chopper/Market 32 have grown exponentially over 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 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.
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About Price Chopper/Market 32 Based in Schenectady, NY, Price Chopper/Market 32 operates 130 Price Chopper and Market 32 grocery stores and one Market Bistro, employing 18,000 teammates in New York, Vermont, Connecticut, Pennsylvania, Massachusetts, and New Hampshire. The American-owned company, founded by the Golub family in 1932, prides itself on longstanding traditions of innovative food merchandising, cutting edge brand development and store design, leadership in community service, and cooperative employee relations. For additional information, please visit www.pricechopper.com.
About Tops Markets Based in Williamsville, NY, Tops Markets operates 162 grocery stores in New York, Pennsylvania, and Vermont, including five that are run by franchisees. As the largest private, for-profit employer in Western New York, with more than 14,000 associates, the company is dedicated to providing sustainably sourced, high quality products, while helping its communities flourish via support for programs that eradicate hunger and disease, educate youth and reduce environmental waste and energy consumption. For more information, visit www.topsmarkets.com.
