Kings Super Markets and Balducci’s Food Lover’s Markets on Wednesday announced the companies have been acquired by KB Holding, a Delaware-based investment firm affiliated with GSSG Capital from Angelo Gordon & Co. and MTN Capital Partners. The terms of the transaction were not disclosed.
The new investment will allow the companies to further their growth and expansion plans in the specialty food retail sector, officials said.
“We believe this will be a great partnership for Kings and Balducci's that will create significant opportunities for our business going forward,” said Judith Spires, chairman and CEO.
“This investment will lay the foundation for expansion now and into the future,” president Rich Durante added.
Kings and Balducci’s will continue to be managed locally, and its current operating structure will remain intact, company officials said.