Harps Food Stores to acquire The Markets 2022

Springdale, Arkansas-based Harps Food Stores  has entered into a purchase agreement to acquire The Markets, an independent grocery retailer with seven locations across central Louisiana and southwestern Mississippi, the company said Monday.

Details of the transaction were not disclosed. 

“We are excited to enter into these new markets for Harps in Louisiana and Mississippi,” said Kim Eskew, chairman and CEO of Harps Food Stores, in a statement. “The Market stores have served these communities with excellence for many years and we are thrilled to add them to the Harps family.”

The locations are in Ball, Ferriday and Vidalia, Louisiana; as well as three locations in Natchez, Mississippi and a location in McComb, Mississippi, Harps said in a statement.

The Food Partners served as strategic and financial advisor to parent company Supermarket Operations, Inc. The transaction has not been finalized, but both parties anticipate completing the transaction by the end of 2022, Harps Food said.

“Supermarket Operations, Inc. and the Loy family are pleased to announce the acquisition of The Markets supermarkets by Harps Foods Stores,” said Barry Loy, president of The Markets, in a statement. “We are proud of our Markets Family of over 350 team members and the communities we serve in seven stores in central Louisiana and southwest Mississippi. We are excited for the new possibilities for growth and success that Harps can bring to our stores. We wish Harps and the Markets team members many years of success.”

Loy and his brother Jeff Loy, VP/treasurer of The Markets, early last week informed The Markets employees that its store banners, employment and operations across the Mississippi-Louisiana area will continue with minimal change or interruption, Harps said.

Family-owned-and-operated Supermarket Operations, Inc. was founded by Harley Loy in 1969.

Employee-owned Harps operates 135 stores in four states: Arkansas, Oklahoma, Missouri and Kansas. Founded by Harvard and Floy Harp in Springdale, Arkansas, in 1930, the company now employs more than 6,800 associates.