KB US Holdings and its debtor affiliates in Chapter 11 cases in the U.S. Bankruptcy Court announced that Kings Food Markets and Balducci’s Food Lover’s Market will be sold on a going concern basis to ACME Markets for an all-cash purchase price of $96.4 million.
Both Kings Food Markets and Balducci’s Food Lover’s Market will continue to serve their communities under their own banners through and after the closing of the sale.
“We are so pleased that with this successful bid from ACME that both the Kings and Balducci’s brands will continue their proud traditions of offering the finest food and premium service for our customers for years to come,” Judy Spires, CEO of KB US Holdings, said.
The transaction remains subject to review and approval by the bankruptcy court and regulatory authorities.
Proskauer Rose is serving as legal counsel, Ankura Consulting Group is serving as restructuring advisor and PJ Solomon is serving as investment banker to KB US Holdings.