Move to strengthen food retailer's position on Long Island
The agreement includes King Kullen’s 32 supermarkets, five Wild by Nature stores and the use of its corporate offices located in Bethpage, N.Y.
“This transaction underscores our commitment to further strengthen the positions of our great local brands in the U.S., both through organic growth and fill-in acquisitions,” said Ahold Delhaize chief executive officer Frans Muller.
The acquisition is currently expected to close during the first quarter of 2019, subject to customary closing conditions. Financial terms of the deal were not disclosed.
King Kullen was founded by Michael Cullen, a grocery veteran who began his career at A&P and later worked for Kroger Co. The first King Kullen store, which opened in New York City’s borough of Queens in August 1930, is widely credited with being the first modern supermarket. The Smithsonian Institute describes that store as “the first to fulfill all five criteria that define the modern supermarket: separate departments; self-service; discount pricing; chain marketing; and volume dealing.”