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BRUSSELS, Belgium - Hannaford, a subsidiary of the Belgian Delhaize Group, will reinforce its presence in Massachusetts and New Hampshire with the acquisition of privately owned Victory Super Markets, a company founded in 1923 by the DiGeronimo family. The $175 million acquisition, which Delhaize announced on Friday, is subject to customary conditions, including approval of the U.S. antitrust authorities, and is expected to close in the fourth quarter of 2004.
"There is a remarkable fit between Hannaford and Victory," said Hannaford president and c.e.o. Ron Hodge in a statement. "From a geographic point of view, the acquisition gives Hannaford a presence in new, contiguous markets. Additionally, there are strong similarities between Victory Super Markets and Hannaford in strategic positioning and customer service."
Pending the acquisition's approval, Hannaford expects to convert all 19 Victory supermarkets to the Hannaford banner by the end of 2005, Hannaford spokeswoman Caren Epstein told Progressive Grocer.
The 19 acquired Victory supermarkets realize annualized sales of approximately $385 million. The stores offer a broad assortment with a strong focus on fruit and vegetables, meat, fish, and bakery, according to Delhaize.