Angelo, Gordon & Co. and MTN Capital Partners LLC has sold Kings Super Markets and Balducci’s Food Lover’s Markets to Delaware-based investment firm KB Holding, Inc.
"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, in a press release announcement that broke yesterday, August 11. Schwartz led the transaction, along with Marcel Fournier, Senior Managing Director.
According to a representative of Kings and Balducci's, both chains will continue to be managed locally under their current operating structure. The details of the actual transaction, however, were not disclosed.
Kings and Balducci's each have several locations on the East Coast, with Balducci’s serving as a gourmet specialty food shop and Kings as an upscale grocery store. 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, affirming well-established roots in the region.
Keep checking in with Deli Market News as we continue to report on all changes and expansions that occur in the retail market.