Castle Harlan, a private equity investment firm, announced this morning it initiated and completed the acquisition of Kings Super Markets and Balducci’s Food Lover’s Markets, by KB Holding, an investment firm affiliated with GSSG Capital, a global private holding company. Kings and Balducci’s were acquired from Angelo, Gordon & Co. and MTN Capital Partners.
“Kings and Balducci’s are two long-established and well-recognized brands in high-end food retailing with, we believe, an outstanding potential for expansion,” said Eric Schwartz managing director for Castle Harlan.
Kings Food Markets is an upscale grocer with 25 locations throughout New Jersey, New York and Connecticut. The company was founded in 1936 and celebrated its 80th anniversary in the industry this year.
Balducci’s was founded in 1916 and marked its 100th anniversary this year. Balducci’s is a gourmet, specialty food shop with locations throughout New York, Connecticut, Maryland and Virginia, in addition to On the Go Café locations in New York City and Baltimore.