Giunta’s Meat Farms has agreed to acquire King Kullen Grocery Co., including its 24 King Kullen supermarkets and four Wild by Nature natural foods stores, the companies announced.
Financial terms of the transaction were not disclosed. The acquisition is expected to close in September, subject to customary closing conditions.
The deal combines two family-owned Long Island grocery retailers and will expand Giunta’s footprint to 38 stores, making it one of the region’s largest supermarket operators.
Until the transaction closes, both companies will continue operating independently. The companies said all King Kullen and Wild by Nature associates are expected to be retained following the acquisition.
“King Kullen is more than a supermarket company,” Joseph Giunta, co-owner of Giunta’s Meat Farms, said in a statement. “It’s America’s first supermarket and a significant part of Long Island’s history. We’re honored to carry that legacy forward while delivering the strong everyday value that has long defined the Meat Farms experience.”
Tracey Cullen, president and chief operating officer of King Kullen Grocery Co., said the company sought a local buyer that shared its commitment to Long Island and its employees.
“As we looked toward the future, it was important to us to identify a local company that understood what makes King Kullen so special,” Cullen said. “We found that in family-owned Giunta’s Meat Farms. They appreciate our history and our people. We are confident they are the right steward of the King Kullen legacy, and we look forward to working together throughout the transition.”
Founded in 1930, King Kullen is widely recognized as America’s first supermarket. The company once operated 55 stores at its peak during the 1980s but has since consolidated its operations amid increasing competition on Long Island. Today, the retailer operates 24 King Kullen supermarkets and four Wild by Nature stores.
Giunta’s Meat Farms traces its roots to 1952, when the Giunta family entered the supermarket business in Queens. Now in its third generation of family ownership, the company currently operates 10 Long Island locations.
“For nearly a century, King Kullen has been part of the fabric of Long Island thanks to the loyalty of our customers and the dedication of our associates,” James A. Cullen, chairman of King Kullen Grocery Co., said in a statement. “We believe Giunta’s Meat Farms is guided by the same principles that have defined our company since my grandfather founded King Kullen in 1930.”
Solomon Partners served as financial advisor to King Kullen on the transaction