Albertsons Division ACME Markets Posts Winning Bid in Auction for 27 Kings Food Markets and Balducci’s Food Lover’s Markets
MALVERN, PA - We’re well into the month of October, and the changing of the seasons has spurred growth strategies into motion for some retailers. Albertsons recently announced one of its divisions, ACME Markets, was the successful bidder for 27 Kings Food Market and Balducci’s Food Lover’s Market locations. Once the transaction is completed, Albertsons will further solidify its hold on the East Coast.
“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,” said Jim Perkins, Mid-Atlantic Division President. “Our company has a history of managing small, differentiated chains that offer an elevated experience, like Andronicos and Haggens in the western U.S. When we leverage their team’s expertise and continue to deliver what their customers want, these stores can thrive. 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.”
Upon the successful completion of the transaction, the stores will become part of the Mid-Atlantic division of Albertsons Companies, which operates ACME and Safeway stores on the East Coast. According to the press release, the winning bid for the package and expected purchase price is $96.4 million.
The transaction, which is still subject to customary regulatory and court approvals including the approval of the Federal Trade Commission, is expected to close later this fiscal year.
How will Albertsons’ recent transaction push the retailer ahead of the game? AndNowUKnow will keep a finger on the retail pulse.