Netherlands-based retail group Ahold has announced in a press release that Giant-Carlisle, one of its US divisions, is to expand its presence by acquiring 25 stores from Ukrop’s Super Markets in a deal worth approximately US$140m.
Under the move, Ahold will take over 25 stores from family-owned, Virginia-based Ukrop, including inventory, equipment, lease agreements and one new store location. Giant-Carlisle will also hire Ukrop’s store associates.
“This acquisition is part of Ahold’s profitable growth strategy,” said John Rishton, CEO of Ahold, in a statement.
“Ukrop’s is a great company with a strong heritage in an attractive market. We believe that Giant-Carlisle and Ukrop’s will be a strong combination.”
The closing of the transaction is expected to take place in the first quarter of 2010 and is subject to customary conditions.
Giant-Carlisle operates more than 150 stores in Pennsylvania, Virginia, Maryland and West Virginia under the Giant and Martin’s banners.
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