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BOWLING GREEN, Ken. -- Houchens Industries Inc. here signed a deal to acquire the financial brokerage firm J.J.B. Hilliard, W.L. Lyons Inc. from Pittsburgh-based PNC Financial Services.
The purchase price was not disclosed, but executives from Houchens and Hilliard Lyons said the deal would keep the brokerage based in Louisville.
“This is one of the proudest times ... in the life of Houchens," Houchens president Spencer Coates was quoted as saying in press reports.
The privately owned Houchens owns about 150 grocery stores under the Houchens, Food Giant, IGA, Piggly Wiggly, and Mad Butcher brands, and more than 220 stores under the Save-A-Lot banner.
It also owns about 40 Jr. Foods convenience stores and 20 Tobacco Shoppe discount cigarette outlets, in addition to other holdings in construction, insurance, recycling and warehousing.
PNC has owned Hilliard Lyons since 1998. The brokerage firm has 76 branch offices in Arkansas, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia.
Houchens, which says it is the largest 100 percent employee-owned company in the U.S., does not expect to be involved in day-to-day management decisions at Hilliard Lyons, Coates said.