The global supermarket company, which has its U.S. headquarters in Virginia, said the goal is to expand its regional presence and enter the Long Island market.
Best Market, headquartered in Bethpage, New York, has one New Jersey store, in Holmdel. It also has stores in Connecticut, according to its website.
“Best Market has played an enormously positive role in the area, and we look forward to working closely with Best Market employees to build on that success,” Johannes Fieber, CEO of Lidl US, said in a prepared statement. “We are excited to expand into many great communities on Long Island and across the New York City area.”
Lidl said it will remodel and rebrand Best Market stores to Lidl stores. All Best Market employees in New Jersey and New York will have guaranteed employment opportunities, the company said.
Financial terms of the deal were not disclosed; neither was an expected closing date.
“Today is a great day for Long Island, our Best Market team and our valued customers in New Jersey and New York,” Aviv Raitses, co-owner of Best Market, said in a statement. “Partnering with Lidl on this deal offers our employees a secure future with a growing grocer and continues the great tradition we started more than 20 years ago.”
Citi Bank is Lidl’s financial adviser, while PJ Solomon is Best Market’s financial adviser.