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Management-led deal for Tops closes

By KERRY FELTNER - 12/2/2013 3:51:57 PM

Tops Friendly Markets Inc. announced Monday the acquisition of Tops Holding II by senior managers of the company closed Dec. 1.

Led by President and CEO Frank Curci, the company has more than doubled its store locations, expanded into eastern and northern New York, Vermont, and northern Pennsylvania, and has added jobs in the last six years, company officials said.
 
The senior managers involved in the acquisition are Curci, Kevin Darrington, chief operating officer; Rick Mills, chief financial officer; John Persons, senior vice president of operations; Jack Barrett, senior vice president of human resources; and Lynne Burgess, senior vice president and general counsel.

The grocery retailer has more than 15,000 associates in its 159 full-service supermarkets. The company owns 154 supermarkets and has five franchised stores.

"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."

Details of the transaction have not been disclosed.

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