NEW YORK — The management team of Tops Friendly Markets has purchased the chain from the private equity firm that owned it, according to published reports.
The Rochester, N.Y., Democrat & Chronicle reported Friday that Tops CEO Frank Curci and five other executives were buying the chain from Morgan Stanley Capital Partners, which has owned the chain since 2007. Tops operates 155 stores in upstate New York, western Vermont and northern Pennsylvania under the Tops, Grand Union and Bryant's banners.
Financial terms of the deal were not disclosed, and it is expected to close by the end of this year, but it will not affect the management of the stores, the Democrat & Chronicle reported. Spokeswoman Katie McKenna told the newspaper that Morgan Stanley had been "very supportive" of Tops over the last five years, during which the chain has doubled its number of stores and increased its geographic footprint.