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Tops Friendly Markets Returns To Local Ownership

Tops bulk food departments

Tops Friendly Markets, a leading full-service grocery retailer in upstate New York, northern Pennsylvania and western Vermont, said today that the previously announced acquisition of Tops Holding II by a group of senior managers of the company led by Tops President and CEO Frank Curci closed on Dec. 1.

During the past six years under Curci’s leadership, Tops has more than doubled its number of stores, added new jobs and expanded its geographic reach into eastern and northern New York, Vermont and northern Pennsylvania. In April, Tops opened Orchard Fresh, a specialty and gourmet food store in Orchard Park, N.Y.

“The management team at Tops truly has a passion for the business and dedication to the core values of the organization and has led the company’s tremendous growth over the past six years,” Curci said. “This transaction represents the next step in the natural evolution of Tops that began six years ago when we returned operations and decision making to our local markets. Now with local ownership as well, we will be able to build on our successes of the recent past, deepen our commitment to the markets we serve and further expand to better serve our associates and customers.”

The senior managers in the acquisition group consist of Curci; Kevin Darrington, COO; Rick Mills, CFO; John Persons, SVP of operations; Jack Barrett, SVP of human resources; and Lynne Burgess, SVP and general counsel.

Financial terms of the transaction have not been disclosed.

Tops Markets is headquartered in Williamsville, N.Y., and operates 159 full-service supermarkets—154 company owned and five franchise locations under the Tops banner.

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