Ahold, the parent of Tops Markets, has agreed to sell the Wilson Farms and Sugar Creek chains of convenience stores to a partnership that includes members of the Nanula family, one of the founding families of Tops Markets.
The Dutch food giant announced today a deal to sell the chains of 198 convenience stores to WFI Acquisition, Inc., a corporation formed by Nanco Enterprises, Inc. and Bruckmann, Rosser, Sherrill & Co, Inc. Paul Nanula is president aod CEO of WFI. His father, Savino Nanula, co-counder of Tops, will be chairman of the board of WFI.
The stores will continue to operate under the banners of Wilson Farms and Sugarcreek. The transaction is subject to the fulfillment of certain closing conditions and regulatory approvals.
The closing of the transaction, the price of which was not disclosed, is expected in the second quarter of 2005. The divestment of the Tops convenience stores is part of Ahold's strategic plan to restructure its portfolio in order to focus on its core food businesses.
Wilson Farms, a division of Tops Markets since 1969, operates convenience stores in Western and Central New York. The Sugarcreek stores, all offering gasoline, were acquired by Tops in 2000 and are located in Central and Northern New York.
The convenience stores employ approximately 2,400 associates. Tops Markets, which Ahold acquired in 1991, will continue to operate full service supermarkets.