Tops Markets acquired by Morgan Stanley for $310 million

NEW YORK Morgan Stanley Private Equity has acquired regional supermarket chain Tops Markets from Ahold for $310 million. Tops operates 71 stores under the Tops Markets and Martin's Super Food Stores banners and five franchise supermarket grocery stores in the Northeast.

The acquisition, which includes 61 in-store pharmacies, is expected to close by the end of this year.

“Tops is a well-regarded grocer with attractive long-term performance, strong employee relationships and a loyal customer base,” said Gary Matthews, managing director and operating partner of Morgan Stanley Private Equity. “We are excited to continue Tops’ tradition of outstanding service to customers and to maintain its position as a leading supermarket in the region.”

Morgan Stanley is expected to continue operations at the stores, but corporate functions will be relocated to Buffalo, N.Y. Frank Curci, former chief executive officer of Tops, is expected to serve on the board of directors and lead the transition in the coming months.