Malvern, Pa.-based Acme Markets, which is owned by Albertsons, announced plans this week to buy 27 Kings Food Market and Balducci’s Food Lovers Market stores.
The expected purchase price is $96.4 million, and the transaction should close later this fiscal year, pending the standard regulatory approvals, according to a news release.
Once the deal is complete, the stores will become part of the Mid-Atlantic division of Albertsons, which operates Acme and East Coast Safeway stores.
“We look forward to welcoming Kings Food Markets and Balducci’s Food Lover’s Markets and the gourmet expertise they are known for into our family,” Jim Perkins, Mid-Atlantic division president, said in the release. “Our company has a history of managing small, differentiated chains that offer an elevated experience, like Andronico’s and Haggen in the western U.S.
“When we leverage their team’s expertise and continue to deliver what their customers want, these stores can thrive,” Perkins said. “We are excited to add these two premium, gourmet banners to our East Coast operations and plan to continue to operate the stores as Kings Food Market and Balducci’s Food Lover’s Market, respectively.”