Ahold completes sale of Tops stores to equity firm

By The Associated Press

Tuesday, December 4, 2007 9:16 AM EST

WILLIAMSVILLE - Morgan Stanley Private Equity has completed its $310 million purchase of the Tops Markets chain from Dutch supermarket operator Ahold, Morgan Stanley said Monday.
Frank Curci resumed his position as chief executive of the 71-store chain, a position he held until 2003. The stores in western New York (including one in Auburn) and northwest Pennsylvania will continue to operate as Tops Markets and Martin's Super Food Stores. The new owners will retain the current work force of 10,000 store employees, field staff and corporate staff and create about 100 merchandising, information technology and finance-related positions in the Buffalo area.

Tops, headquartered in suburban Buffalo, was founded as a neighborhood grocery chain in Buffalo in the 1960s. It was acquired by Ahold in 1991.

In recent years, Ahold sold off its Tops stores in eastern New York, the Adirondacks and Ohio.

Curci most recently was chief operating officer for Alabama-based Southern Family markets.

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