NEW YORK — Williamsville-based Tops Markets and Schenectady-based Price Chopper/Market 32 have completed a months-long merger transaction, enabling the combined companies to maintain separate brands with the benefits of scale and efficiencies.
This merger almost doubles the retailer’s collective footprint, totaling almost 300 stores in the Northeast, according to a news release.
The Federal Trade Commission has approved the merger, announced in early February 2021, and company leaders declared the merger transaction closed by Nov. 8.
Under the terms of the agreement, the two companies will be managed locally by their respective leaders and continue to be referred to by their established brand identities, but will be owned and overseen by a new parent company, Northeast Grocery, Inc. As detailed in the February announcement, Scott Grimmett, current president and CEO of Price Chopper/Market 32, will lead the new parent company. Grimmett and Frank Curci, former Tops Markets chairman and CEO, will both serve on the board of directors.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals. 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,” Grimmett said in the release.
The FTC’s regulatory review process mandates the divestiture of 12 of the combined companies’ stores. C&S Wholesale Grocers has been approved to purchase all 12 stores. GU Markets LLC, an affiliate of C&S Wholesale Grocers, will operate these stores, according to the release. C&S will continue to recognize the union workforce at these 12 locations:
- Cooperstown, N.Y.
- Cortland, N.Y.
- Norwich, N.Y.
- Owego, N.Y.
- Peru, N.Y.
- Rome, N.Y.
- Rutland, Vt.
- Saranac Lake, N.Y.
- Sherrill, N.Y.
- South Watertown, N.Y.
- Warrensburg, N.Y.
- Watertown, N.Y.
“We believe that this merger will be a positive for our membership, preserving union jobs and strengthening the company’s prospects into the foreseeable future,” Frank DeRiso, president of the UFCW Local One, said in the release. “We are pleased that we have an agreement with the new owner, and they are committed to retaining all of the existing union jobs and contracts … This merger will benefit both consumers and union members.”
Blaine Bringhurst will serve as president of the Price Chopper/Market 32 business, and John Persons will be the president of the Tops Markets business. Dave Langless, chief financial officer of Tops, will be the parent company’s chief financial officer.
Northeast Grocery, Inc. will be headquartered in Schenectady, N.Y., as will Price Chopper/Market 32. Tops Markets will retain its main office in Williamsville, N.Y.