The Blueprint:
- Giunta’s Meat Farms acquiring King Kullen Grocery Co.
- Deal includes 24 King Kullen supermarkets and four Wild by Nature markets
- Acquisition expected to close in September
- All King Kullen and Wild by Nature associates expected to be retained
Oakdale-based Giunta’s Meat Farms will be acquiring Hauppauge-based King Kullen Grocery Co., including its 24 King Kullen supermarkets and four Wild by Nature natural foods markets.
The acquisition will make Giunta’s one of the largest supermarket chains on Long Island, second only to Stop & Shop.
Terms of the deal were not disclosed. The acquisition is expected to close in September, subject to customary closing conditions, according to a joint statement from the two companies.
The transaction brings together two family-owned Long Island supermarket companies.
“King Kullen is more than a supermarket company,” Joseph Giunta, co-owner of Giunta’s Meat Farms, said in the 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.”
Until the transaction is completed, both companies will continue to operate independently and conduct business as usual. Upon closing, all King Kullen and Wild by Nature associates are expected to be retained.
Tracey Cullen, newly minted president and COO of King Kullen Grocery Co., said choosing the right organization to guide the future of King Kullen was driven by mutual respect and a common commitment to Long Island.
“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 in the statement. “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.”
King Kullen has been challenged by increased competition from other grocery companies that have expanded on Long Island in recent years. Founded in 1930, King Kullen had 55 stores at its peak in the 1980s, but after several closings and consolidations, the company now operates a total of 28 supermarkets, 24 King Kullen stores and four Wild By Nature stores, which is fewer locations than it had here in the 1950s.
The Giunta family started in the supermarket business in 1952 in Queens and is now in its third generation. The company currently operates 10 locations on Long Island.
“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 the 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 is serving as financial advisor to King Kullen.
