SCHENECTADY, N.Y. (WWTI) — Price Chopper/Market 32 and Tops made an announcement on Monday that will aim to double their footprint in the Northeast.
Price Chopper/Market 32 and Tops have entered a definitive merger agreement. The transaction of the two New York-based grocery chains is expected to close in the coming months. Financial terms of the merge have not been disclosed.
According to the two, the new parent company will be headquartered in Schenectady, NY, and Price Chopper/Market 32 and Tops Markets businesses will retain main offices in Schenectady and Williamsville. Both will continue to be managed locally by their respective leaders.
Additionally, current Price Chopper/Market 32 President and CEO Scott Grimmett will become the CEO and serve on the Board of Directors of the new company. He will oversee the operations of nearly 300 Price Chopper, Market 32, Market Bistro and Tops Market stores; collectively employing over 30 thousand teammates.
“This merger marks a major step forward and collectively elevates our ability to compete on every level,” said Grimmett. “It leverages increased value for our customers; advances shared opportunities for innovation; fortifies the depth of our workforce, community and trade partnerships; and ultimately accelerates our capacity to deliver a distinctively modern and convenient shopping experience. Given the vital role that supermarkets and their workforces play in our communities, particularly this past year, I am excited to lead the parent company of these two historic grocery retailers.”
Tops Market Chairman and CEO Frank Curci will also serve on the Board of Directors of the new patent company as a consultant to assist the transaction.
“We have long believed that this merger makes sense both strategically and based on the similar ways in which we each put customers first, go to market and treat our people,” said Curci. “We look forward to working closely with the Price Chopper/Market 32 team and together becoming an even stronger competitor with more scale, as we continue serving our customers and communities.”
Additional leaders in the newest merge include Price Chopper/Market 32 Executive Vice President of Merchandising, Marketing and Store Operations Blaine Bringhurst and Tops Market President and Chief Operating Officer John Pearsons.
PJ SOLOMON is acting as exclusive financial advisor to Price Chopper. Harter Secrest & Emery LLP and Wilson Sonsini are serving as legal advisors to Price Chopper. Deutsche Bank Securities Inc. is acting as exclusive financial advisor to Tops Markets. Paul Weiss LLP and Hogan Lovells US LLP are serving as legal advisors to Tops Markets.
The merger between the two was officially announced on February 8, 2021.