Private equity firm to acquire Tops Markets from Ahold
October 11, 2007
by Eric Schroeder
AMSTERDAM, THE NETHERLANDS — Morgan Stanley Private Equity has agreed to acquire Tops Markets, L.L.C., a unit of Ahold n.v., for approximately $310 million. The transaction is set to close in the fourth quarter.
Ahold first announced its intent to divest Tops in November 2006 as part of a larger plan to "accelerate identical sales growth, improve profit returns and strengthen the company’s foundation for future expansion." That plan included the divestiture of the company’s U.S. Foodservice unit, which Ahold sold in July.
Tops operates stores in western New York, mid-state New York, including the Rochester area, and northwestern Pennsylvania under the banners of Tops Markets and Martin’s Super Food Stores.