WILLIAMSVILLE, N.Y. — Tops Friendly Markets here said Monday that its previously announced acquisition by a group of senior managers of the chain closed on Dec. 1.
“The management team at Tops truly has a passion for the business and dedication to the core values of the organization, and has led the company’s tremendous growth over the past six years,” said Frank Curci, chief executive officer, who led the acquisition. “This transaction represents the next step in the natural evolution of Tops that began six years ago when we returned operations and decision making to our local markets. Now with local ownership as well, we will be able to build on our successes of the recent past, deepen our commitment to the markets we serve, and further expand to better serve our associates and customers.”
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During the past six years under Curci’s leadership, Tops has more than doubled its number of stores, added new jobs and expanded is geographic reach into eastern and northern New York, Vermont and northern Pennsylvania. In April, Tops also opened Orchard Fresh, a specialty and gourmet food store in Orchard Park, N.Y.
The senior managers in the acquisition group are Curci; Kevin Darrington, chief operating officer; Rick Mills, chief financial officer; John Persons, senior vice president of operations; Jack Barrett, senior vice president of human resources; and Lynne Burgess, senior vice president and general counsel.
Financial terms of the transaction have not been disclosed. Tops had been majority owned by Morgan Stanley Capital Partners.
Read more: Tops Markets Sold to Group of Executives
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