Tops Returns to Local Ownership
Tops Markets LLC’s acquisition of Tops Holding II by a group of senior managers of the company, led by Tops President and CEO Frank Curci, closed on Dec. 1. Financial terms of the deal weren’t disclosed.
News of the pending acquisition was revealed in November. The senior managers in the acquisition group are Curci, COO Kevin Darrington, CFO Rick Mills; SVP of Operations John Persons, SVP of Human Resources Jack Barrett, and SVP and General Counsel Lynne Burgess.
Guided by Curci, Williamsville, N.Y.-based Tops has more than doubled its number of stores, created new jobs and expanded into eastern and northern New York, Vermont and northern Pennsylvania. Additionally, in April 2013, the grocer debuted Orchard Fresh, a specialty and gourmet food store in Orchard Park, N.Y.
“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,” noted Curci. “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.”
Tops operates 159 full-service supermarkets -- 154 company-owned and five franchise locations.