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BUFFALO, N.Y. — Six executives from Tops Friendly Markets have agreed to purchase the company from its private equity owner Morgan Stanley Capital Partners.
Six executives from Tops Friendly Markets have agreed to purchase the company from its private equity owner Morgan Stanley Capital Partners.
The group, which includes chief executive officer Frank Curci, hopes to complete the deal for Morgan Stanley’s stake in the business by the end of the year.
The private equity firm has owned Tops since 2007.
Financial terms of the deal were not disclosed.
Besides Curci, the buyout group includes chief operating officer Kevin Darrington; chief financial officer Richard Mills; senior vice president for operations John Persons; senior vice president for human resources Jack Barrett; and senior vice president and general counsel Lynne Burgess.
"Management is buying the stock of the company and will own all assets and liability," a spokeswoman says.
"Morgan Stanley Private Equity has been a very supportive partner to Tops Management for five-plus years," she says. "This time period has been one of strong growth for Tops: we’ve doubled our number of stores, increased our geographic footprint and added new jobs in the markets we serve."
Tops operates 159 stores in northern Pennsylvania, northeastern and western New York, and western Vermont.
Under Morgan Stanley, the company grew significantly, with its 2010 acquisition of 79 Penn Traffic Co. stores more than doubling its store count and extending its geographic reach.
