MALVERN, Pa., July 20, 2015 /PRNewswire-USNewswire/ -- ACME Markets announced today it has entered into an agreement to acquire 76 A&P stores in Connecticut, Delaware, Maryland, New Jersey, New York, and Pennsylvania under the A&P, Superfresh and Pathmark banners.
The offer is subject to customary legal and bankruptcy court approvals, following A&P's Chapter 11 filing on July 19, 2015, including the potential for higher bids to be submitted and anti-trust approval. A&P has asked the court for an order requiring other bidders to submit their bids by September 11, 2015, with an expectation that court approval for the sale of the stores would be received by October 15, 2015.
ACME Markets, a wholly-owned subsidiary of AB Acquisition LLC (Albertsons Companies), operates 107 stores across Pennsylvania, Delaware, Maryland and New Jersey. Since it was acquired by Albertsons in 2013, ACME Markets has improved the customer experience and store performance across the division, deploying its operational playbook to drive sales growth. The transaction, if completed, would expand the ACME Markets footprint in a strategic and vibrant market and build upon A&P's rich history of delivering quality products and services in the neighborhoods they serve.
RBC Capital Markets is serving as exclusive financial advisor in connection with this transaction. Milbank, Tweed, Hadley & McCloy LLP is serving as lead bankruptcy counsel. Schulte Roth & Zabel LLP is serving as outside legal counsel on antitrust matters. Greenberg Traurig, LLP is serving as outside legal counsel on real estate matters. Citigroup Global Markets Inc. and Bank of America Merrill Lynch provided committed financing in support of the acquisition.
About ACME Markets
ACME Markets Inc. began in 1891 when two friends, Samuel Robinson and Robert Crawford, opened a small neighborhood grocery store in South Philadelphia, emphasizing quality products, low prices, and friendly service. Over 124 years later, Acme remains dedicated to providing a high-quality grocery experience that our customers have come to expect. Today, Acme operates 107 stores, including Sav-On Pharmacies at select locations, in Pennsylvania, New Jersey, Delaware and Maryland, employing more than 11,000 associates. The company and its associates remain committed to the communities they serve. For more information, visit www.acmemarkets.com.
Albertsons is one of the largest food and drug retailers in the United States, with both a strong local presence and national scale. We operate stores across 33 states and the District of Columbia under 18 well-known banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market and Carrs.
SOURCE ACME Markets Inc.