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.