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NEW YORK - Bear Stearns Merchant Banking has acquired Sutton Place Gourmet Inc., an upscale grocery chain in Bethesda, Md., for $50 million from AEA Investors Inc., according to The Daily Deal.
Sutton Place has 11 locations in Washington, D.C. and its Maryland suburbs, four Hay Day Country Farm Markets stores in New York and Connecticut, and Balducci's in Manhattan.
The stores feature high-quality products including produce, prepared foods, meats, cheeses, breads, and seafood.
The company generates about $100 million in revenue annually, according to The Daily Deal.
The private equity arm of Bear, Stearns & Co. closed the purchase late Wednesday, the report said. Bear Stearns will own about 75 percent of the business.