PARSIPPANY, NJ-A group of private-investment firms is buying Kings Supermarkets, a chain of 26 stores mostly in New Jersey, from British retailer Marks & Spencer, for $61.5 million. The parties expect the deal to close by the end of April.
Firms Angelo Gordon and MTN Capital, along with grocery veteran Bruce Weitz, are buying the stores. Weitz is the managing partner of the group, while the other firms are co-sponsors.
London-based Marks & Spencer, which is known for its 400 multi-channel stores in the UK, Ireland and Hong Kong, has tried to sell Kings since 1999. The company came close in 2002, when it reached an agreement with New York-area grocer D'Agostino's to sell the chain for $160 million, but that deal fell through. Marks & Spence acquired Kings in 1988 for $113 million.
During its most recent fiscal year, Kings posted $405.9 million in revenues and a $7.9-million operating profit. Those results were up from 2004, when sales totaled $403.2 million and earnings came in at $4.2 million.
Kings' stores are mostly located throughout Northern New Jersey, though the chain does operate one unit in Garden City, NY, on Long Island. The company's first store opened in 1938, in Summit, NJ.
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