AMSTERDAM, Netherlands Ahold announced Monday that it has successfully completed the sale of Tops Markets to Morgan Stanley Private Equity.
This follows the agreement announced on Oct. 11, 2007, at a purchase price of $310 million, though the final purchase price is subject to customary price adjustments. Closing of the transaction was subject to the fulfillment of customary conditions, including anti-trust clearance and a financing condition.
Capitalized lease obligations will remain with Tops, although Ahold will retain dependent liability for the majority of these lease obligations.
The divestment of Tops is part of Ahold’s strategy resulting from its retail review announced in November 2006.
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. In 2006, the company closed its northeastern Ohio stores. Several were simply closed, while others were purchased by supermarket chain Giant Eagle.
Tops was acquired by Ahold, an international group of quality supermarkets based in the United States and Europe, in 1991. Tops Markets currently operates in over 70 locations and currently employs approximately 10,000 full- and part-time employees.