NEW YORK CITY, NY - Retail banners Kings Super Markets and Balducci’s Food Lover’s Markets were acquired by Delaware-based investment firm KB Holding, Inc., with the close of the deal announced this morning, August 11.
"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, and we are pleased to see this transaction reach its successful conclusion," said Eric Schwartz, Managing Director at private equity investment firm Castle Harlan, who led the transaction with Marcel Fournier, Senior Managing Director.
Acquired from Angelo, Gordon & Co. and MTN Capital Partners LLC, Kings and Balducci's are well-established East Coast-based banners, with Balducci’s serving as a gourmet specialty food shop and Kings an upscale grocery store.
Both have long histories in the area; Balducci’s was founded in 1916, celebrating its centennial anniversary this year, and Kings was founded in 1936, marking its 80th year in business this year.
The exact terms of the transaction were not disclosed, as reported by Castle Harlan. Both chains, however, will continue to be managed locally under their current operating structure, according to a representative of Kings and Balducci's.
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