FTC approves Tops sale to private equity firm

NEW YORK According to reports, the Federal Trade Commission has approved the purchase of Ahold's Tops Market by a private equity firm.

Last month, Morgan Stanley Private Equity announced that was buying Tops Markets from Ahold for $310 million. The company said it expects the transaction to close before the end of 2007.

Tops operates under the banners of Tops Markets and Martin’s Super Food Stores and is composed of 71 company-owned and five franchise supermarket grocery stores in Western New York, Mid-State New York, including Rochester, and Northwestern Pennsylvania. Tops employs more than 10,000 associates.

“Tops is a well-regarded grocer with attractive long-term performance, strong employee relationships and a loyal customer base,” said Gary Matthews, managing director and operating partner for Morgan Stanley Private Equity. “We are excited to continue Tops’ tradition of outstanding service to customers and to maintain its position as a leading supermarket in the region.”