US-based supermarket chain Giant Food Stores has signed an agreement to purchase five corporately-owned Shop ‘n Save locations from supermarket major Supervalu.
The five locations Giant Food Stores is purchasing are Smithsburg, Maryland; Greencastle, Pennsylvania; Berryville, Hedgesville and Martinsburg in Virginia.
The company has plans to convert the five locations into its Martin’s Food Markets stores.
Giant Food Stores president Nicholas Bertram said: “This acquisition demonstrates our continued commitment to the long-term growth strategy we announced earlier this year.
“Our Martin’s associates have proudly served many of these communities for years, and we look forward to expanding Martin’s brand along the Interstate 81 Corridor and within the Eastern Panhandle of West Virginia.”
Shop ‘n Save employees working at the five stores will be offered a chance to work with Martin’s through an interview process.
The transaction is subject to customary closing conditions including the approval of the Federal Trade Commission and is expected to close during the first quarter of next year.
The deal follows a series of strategic investments by Giant in its store fleet and family of brands within Pennsylvania such as introducing new Giant Heirloom Market in Philadelphia, the acquisition of Darrenkamp’s Willow Valley Square location and a new e-commerce hub in Lancaster.
Last month, grocery store company United Natural Foods (UNFI) concluded the acquisition of Supervalu for approximately $2.9bn in cash.
Giant Food currently operates more than 170 stores with nearly 30,000 associates across the US.