Kings/Balducci's Acquired by KB Holding Inc.
Kings Super Markets and Balducci’s Food Lover’s Markets have been acquired by KB Holding, Inc., a Delaware-based investment firm affiliated with GSSG Capital, a global diversified private holding company with offices in New York, Europe and the Middle East, from Angelo, Gordon & Co. and MTN Capital Partners LLC. Terms of the transaction weren’t disclosed.
“We believe this will be a great partnership for Kings and Balducci's that will create significant opportunities for our business going forward,” said Kings Chairman and CEO Judith Spires. The investment in the regional retailer "will lay the foundation for expansion now and into the future," added Kings President Rich Durante.
Castle Harlan, a New York private equity investment firm, said it initiated and spearheaded the acquisition, identifying the potential transaction, approaching Angelo, Gordon and MTN about selling, and selecting GSSG Capital as the most appropriate source of equity for the deal.
“Kings and Balducci’s are two long-established and well-recognized brands in high-end food retailing with, we believe, an outstanding potential for expansion,” said Castle Harlan Managing Director Eric Schwartz, who led the transaction with Senior Managing Director Marcel Fournier.
According to Kings, both it and Balducci's will continue to be locally managed, and their current operating structure will remain as it was.
Marking its 80th anniversary in 2016, Parsippany, N.J.-based Kings operates 25 stores throughout New Jersey, New York and Connecticut. Rockville, Md.-based Balducci’s is a gourmet specialty food shop with stores in New York, Connecticut, Maryland and Virginia, and On the Go Café locations in New York City and Baltimore. The company celebrated its 100th anniversary this year.