Acme Markets, a division of Albertsons Cos., is expanding its store footprint via an acquisition.
Acme was the successful bidder at a bankruptcy auction for 27 Kings Food Market and Balducci’s Food Lover’s Market locations. The winning bid for the upscale grocery stores was $96.4 million-plus the assumption of various liabilities. Acme said it expects to finalize the transaction later this fiscal year, pending customary closing conditions and regulatory and court approvals.
Upon completion of the deal, the acquired stores will become part of the Mid-Atlantic division of Albertsons Cos., which operates Acme and Safeway stores on the East Coast. The company plans to continue to operate the stores under the Kings Food Market and Balducci’s Food Lover’s Market banners, respectively.
In August, KB US Holdings, the parent company of Kings Food Markets and Balducci’s Food Lover’s Market banners, filed for Chapter 11 bankruptcy.
Acme did not give the locations of the Kings Food and Balducci’s stores it is acquiring. Kings operates 25 supermarkets, while Balducci’s has seven freestanding stores and two to-go locations.
“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.”
Acme currently has 164 locations in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania.