BOONTON — Malvern, Pa.-based Acme Markets, which is owned by Albertsons, announced plans this week to buy 27 Kings Food Market and Balducci’s Food Lovers Market stores. Kings Supermarket is located in Del’s Village Shopping Center, 115 Hawkins Place, Boonton.
The expected purchase price is $96.4 million, and the transaction should close later this fiscal year, pending the standard regulatory approvals, according to a news release.
Acme said Wednesday that it expects to finalize the transaction later this fiscal year, pending customary closing conditions and regulatory and court approvals. KB US Holdings, parent of Kings and Balducci’s, put the chains up for sale in August upon filing for Chapter 11 bankruptcy protection.
At the time of its Chapter 11 filing, Parsippany-based KB Holdings — whose majority owner is GSSG Capital Corp. — said it had accepted a $75 million stalking-horse bid for the Kings and Balducci’s stores from New York investment firm TLI Bedrock. But in an October 14 bankruptcy court filing, the stalking-horse bid was designated as the backup bid.
Plans call for the upscale Kings and Balducci’s grocery stores to retain their banners and become part of Albertsons’ Mid-Atlantic division, which operates Acme and Safeway supermarkets on the East Coast.
