Acme Markets announced Wednesday it has won the bid to take over the Kings Food Markets brands.
The Malvern, Pennsylvania-based chain agreed to purchase 27 Kings Food Market and Balducci’s Food Lover’s Market locations for $96.4 million.
The deal, which still is subject to regulatory and court approvals, is expected to close this year.
Kings Food Market, which bills itself as an upscale gourmet market, is based in Parsippany and has 25 locations in New Jersey.
Balducci’s Food Lover’s Market, a specialty gourmet food retailer, has six stores and is based in Germantown, Maryland.
Officials of Albertsons, which operates Acme and numerous other brands across 34 states, said the stores will rename under the Kings name and continue to operate as they always have.
Jim Perkins, mid-Atlantic division president of Albertsons, said the Kings brand is a perfect fit for the company.
“We look forward to welcoming Kings Food Markets and Balducci’s Food Lover’s Markets and the gourmet expertise they are known for into our family,” he said in a statement.
“Our company has a history of managing small, differentiated chains that offer an elevated experience, like Andronicos and Haggens in the western U.S. When we leverage their team’s expertise and continue to deliver what their customers want, these stores can thrive.
“We are excited to add these two premium, gourmet banners to our East Coast operations and plan to continue to operate the stores as Kings Food Market and Balducci’s Food Lover’s Market, respectively.”