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Investment Firm KB Holding Acquires Kings, Balducci’s

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Kings Food Markets and Balducci’s Food Lover’s Markets have been acquired by KB Holding Inc., a Delaware-based investment firm affiliated with GSSG Capital. Kings and Balducci’s were acquired from Angelo, Gordon & Co. and MTN Capital Partners. Terms of the transaction were not disclosed.

Kings, based in Parsippany, New Jersey, is an upscale grocery chain with 25 stores in the Northeast. It’s celebrating its 80th anniversary this year. Balducci’s is a gourmet specialty food shop with stores in New York, Connecticut, Maryland and Virginia and with On the Go Café locations in New York City and Baltimore; the company has an office in Rockville, Maryland. Balducci’s is marking its 100th anniversary this year.

Reports indicate that the new investment will allow the companies to further expand, and both grocers will continue to be managed locally.

Private equity investment firm Castle Harlan initiated and spearheaded the acquisition, noting it identified the potential transaction in a proprietary manner and approached Angelo, Gordon and MTN about selling. Castle Harlan says it subsequently selected GSSG Capital as the most appropriate source of equity for the acquisition.

“This reflects Castle Harlan’s continued activities in identifying and completing unique private equity transactions with market-leading companies,” said Marcel Fournier, the senior managing director who led the transaction at Castle Harlan alongside Eric Schwartz, managing director, who added, “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.”

About the author

Kristen Cloud

A former newspaper editor and publisher, she once enjoyed leisurely perusing the grocery store aisles but, since having a baby in 2016, she is now an enthusiastic click-and-collect shopper.

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