ACME Markets, Inc., a division of Albertsons Companies, Inc., has announced that it was the successful bidder for 27 Kings Food Market and Balducci’s Food Lover’s Market locations. The transaction, which is still subject to customary regulatory and court approvals including the approval of the Federal Trade Commission, is expected to close later this fiscal year.
Upon the successful completion of the transaction, the stores will become part of the Mid-Atlantic division of Albertsons Companies, which operates ACME and Safeway stores on the East Coast. The winning bid for the package and expected purchase price is $96.4 million.
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“We look forward to welcoming Kings Food Markets and Balducci’s Food Lover’s Markets and the gourmet expertise they are known for into our family,” said Jim Perkins, Mid-Atlantic Division President. “Our company has a history of managing small, differentiated chains that offer an elevated experience, like Andronicos and Haggens in the western U.S. When we leverage their team’s expertise and continue to deliver what their customers want, these stores can thrive. We are excited to add these two premium, gourmet banners to our east coast operations, and plan to continue to operate the stores as Kings Food Market and Balducci’s Food Lover’s Market, respectively.”