ACME Markets Announces Bid to Purchase 76 A&P Stores
MALVERN, PA - ACME Markets has announced it has entered into an agreement to acquire 76 A&P stores in Connecticut, Delaware, Maryland, New Jersey, New York, and Pennsylvania under the A&P, Superfresh, and Pathmark banners.
We recently reported on A&P’s decision to declare Chapter 11 bankruptcy and sell 120 of its locations. While ACME’s offer is still subject to customary legal and bankruptcy court approvals, including the potential for higher bids to be submitted and anti-trust approval, A&P has asked the court for an order requiring other bidders to submit their bids by September 11, 2015. According to a press release, A&P expects a court approval for the sale by October 15, 2015.
ACME Markets, a subsidiary of AB Acquisition LLC (Albertsons Companies), currently operates 107 stores across Pennsylvania, Delaware, Maryland and New Jersey. This acquisition would mark the first locations for ACME in both New York and Connecticut.
ACME Markets reports that RBC Capital Markets is serving as the exclusive financial advisor in connection with this transaction. Milbank, Tweed, Hadley & McCloy LLP is serving as lead bankruptcy counsel. Schulte Roth & Zabel LLP is serving as outside legal counsel on antitrust matters. Greenberg Traurig, LLP is serving as outside legal counsel on real estate matters. Citigroup Global Markets Inc. and Bank of America Merrill Lynch provided committed financing in support of the acquisition.
