With the regulatory review process complete and approval from the Federal Trade Commission received, Price Chopper/Market 32 and Tops Markets officially have merged. Under the terms of the agreement, the two companies will be managed locally by their respective leaders and continue to be referred to as their established brand identities, but will be owned and overseen by a new parent company, Northeast Grocery, Inc.
The agreement cements an alliance between the two independent grocery chains, as it virtually doubles their collective footprint in the Northeast. With increased scale across their now-combined footprint of nearly 300 stores, the merged companies are better positioned to leverage increased value for customers; advance shared opportunities for innovation; and fortify the depth of their expanded workforce, community, and trade partnerships, thereby becoming stronger and more competitive, according to the companies.
As previously announced, Scott Grimmett, the current president and CEO of Price Chopper/Market 32, will lead the new parent company. He will also serve on its board of directors as will Frank Curci, former Tops Markets Chairman and CEO.
"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," said Grimmett, in a statement.
Frank DeRiso, president of the UFCW Local One, added, ”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. 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 as the president of the Tops Markets business. Dave Langless, the chief financial officer of Tops, will serve as the parent company's CFO. 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.
Related: Grocery Realty Companies Merge; Report: Mergers, Acquisitions to Increase.