RICHMOND, Va. — Harris Teeter, considered a leading candidate to take over Ukrop’s Supermarkets, is out of the running to acquire the retailer here, SN has learned.
Sources told SN that Harris Teeter was outbid for Ukrop’s by an unnamed private equity group, which is currently in exclusive negotiations to acquire Ukrop’s. Representatives of Ukrop’s — which has yet to acknowledge it has put itself up for sale — and Harris Teeter, a division of Matthews, N.C.-based Ruddick Corp., separately declined comment to SN.
Although Harris Teeter was considered a good strategic fit for Ukrop’s, deteriorating performance at the latter made valuations difficult, a source said. Delhaize Group and Ahold were also said to be strategic suitors.
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