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Tops Markets ownership merry-go-round

The grocery chain has had a varied ownership history, including two stretches as a publicly traded company. Here is a timeline of its ownership changes:

1960: Niagara Frontier Services is formed when Armand Castellani and Thomas Buscaglia merge their companies.

1962: NFS opens first Tops location in Niagara Falls.

1968: NFS is publicly traded on the American Stock Exchange.

1983: Parent company NFS is purchased by New York investment group SB Investors in an $82.6 million leveraged buyout. SB, a subsidiary of AEA Investors, takes Tops private.

1986: SB Investors takes Tops public again on the Nasdaq, with 2.12 million shares sold at $19.50 a share.

1987: Tops executives and private equity firm Riordan, Freeman & Spogli complete a $196 million leveraged buyout of Tops, again taking it private.

1991: Dutch conglomerate Royal Ahold acquires Tops.

1993: Royal Ahold goes public on the New York Stock Exchange.

1996: Ahold merges Tops with Ohio’s Finast grocery chain. The Finast stores are eventually sold.

2007: Private equity firm Morgan Stanley purchases Tops.

2008: Tops returns to local operation, having added more than 100 jobs to its Williamsville headquarters.

2009: Tops acquires 79 stores from bankrupt grocer Penn Traffic Co.

2013: Tops management buys out Morgan Stanley’s stake in Tops.