Tops Friendly Markets has been acquired by members of the company’s executive management team. The transaction is subject to certain customary closing conditions, but the company expects it will be completed in the fourth quarter of 2013.
The management team proposing this acquisition is comprised of the six members of Tops' executive management team: Frank Curci, president and chief executive officer; 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 general counsel and secretary.
“It's business as usual for Tops,” said Katie McKenna, communications and public relations manager. “The Tops management team will stay focused on achieving our vision for Tops. We will keep the well-being of our customers, communities and employees foremost in our mind. We believe that this western New York-based management structure is a very positive development for Tops and the communities we serve.
“With the support of Morgan Stanley Private Equity, and the talent and expertise of Tops' western New York-based management team, the company has seen tremendous growth over the past six years and is positioned for future success and long-term growth,” she said. “Tops management will stay with the business and continue to be involved in its growth and development.”
The company has 159 stores and more than 15,000 associates, and over the past six years the number of Tops locations has more than doubled. Tops’ geographic footprint has expanded to northern Pennsylvania, northeastern New York and western Vermont.