ACME Markets Announces Bid to Purchase 76 A&P Stores

ACME Markets announced it has entered into an agreement to acquire 76 A&P stores in Connecticut, Delaware, Maryland, New Jersey, New York, and Pennsylvania under the A&P, Superfresh and Pathmark banners. The offer is subject to customary legal and bankruptcy court approvals, following A&P's Chapter 11 filing on July 19, 2015, including the potential for higher bids to be submitted and anti-trust approval. A&P has asked the court for an order requiring other bidders to submit their bids by September 11, 2015, with an expectation that court approval for the sale of the stores would be received by October 15, 2015. ACME Markets, a wholly-owned subsidiary of AB Acquisition LLC (Albertsons Companies), operates 107 stores across Pennsylvania, Delaware, Maryland and New Jersey. Since it was acquired by Albertsons in 2013, ACME Markets has improved the customer experience and store performance across the division, deploying its operational playbook to drive sales growth, company officials say. The transaction, if completed, would expand the ACME Markets footprint in a strategic and vibrant market and build upon A&P's rich history of delivering quality products and services in the neighborhoods they serve, officials add. RBC Capital Markets is serving as exclusive financial advisor in connection with this transaction. Milbank, Tweed, Hadley & McCloy is serving as lead bankruptcy counsel. Schulte Roth & Zabel is serving as outside legal counsel on antitrust matters. Greenberg Traurig is serving as outside legal counsel on real estate matters. Citigroup Global Markets  and Bank of America Merrill Lynch provided committed financing in support of the acquisition.