Price Chopper/Market 32 and Tops Markets announced on Feb. 8 they have entered into a definitive merger agreement that creates an alliance between the two storied independent grocery chains, as it nearly doubles their collective footprint in the Northeast.
This transaction unites two New York-based grocery chains with deep ties to local communities and shared commitments to service, savings, and convenience, according to a news release. With increased scale across their almost perfectly contiguous footprints, the merged companies are expected to be better positioned to compete and offer more value and services to their customers across the Northeast.
Scott Grimmett, Price Chopper/Market 32’s president and CEO, will be CEO of and serve on the board of directors of the new parent company, which will oversee the operations of nearly 300 Price Chopper, Market 32, Market Bistro and Tops Markets stores, which collectively employ more than 30,000 people.
The new parent company will be headquartered in Schenectady, New York. The Price Chopper/Market 32 and Tops Markets businesses will retain main offices in Schenectady and Williamsville and will continue to be managed locally by their respective leaders.
“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.”
Frank Curci, Tops Markets chairman and CEO, agreed.
“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.”
With formative roots dating back to the 1920s, both Tops Markets and Price Chopper/Market 32 have grown exponentially over the last century, building and acquiring stores across upstate New York and throughout the Northeast.
The transaction is expected to close in the coming months, subject to regulatory approval and customary closing conditions. Financial terms of the transaction were not disclosed.
