US supermarket chain Albertsons in advanced talks to buy Price Chopper for $1 bn
30 November 2016
US supermarket chain Albertsons Companies Inc is in advanced talks to buy grocery store operator Price Chopper for around $1 billion, Reuters yesterday reported, citing people familiar with the matter said on Tuesday.
New York-based Price Chopper, owned by the Golub family, operates around 130 stores across the US Northeast, including New York, Connecticut and Massachusetts.
Price Chopper opened its first supermarkets in New York's Capital District in 1932, and changed its name from Central Market to Price Chopper in 1973.
It is owned by the Golub Corporation and run by Neil and Jerry Golub, the third and fourth generations of Russian immigrant Lewis Golub to helm the company. On June 2, 2010 Price Chopper dedicated its new headquarters, on Nott Street, in Downtown Schenectady.
Earlier this year, Scott Grimmett took over from Jerry Golub as CEO of Golub Corp, the first non-family member run the company.
AB Acquisition LLC, owned by private equity firm Cerberus Capital Management, operates ACME, Albertsons, Jewel-Osco, Lucky, Shaws, Star Market and Super Saver, and stores under the United Family of stores, Amigos, Market Street and United Supermarkets.
Albertsons is the second largest supermarket chain in North America after Kroger with 2,200 stores, employing more than 250,000 people.