Richfood Holdings Inc., owner of Metro Food Markets, has completed its purchase of Dart Group Corp. for $160 a share, or about $207 million, the company said.
Richmond, Va.-based Richfood, a grocery wholesaler that has expanded into retailing, acquired Dart, a Landover-based retail holding company, primarily to strengthen its supermarket business in the mid-Atlantic.
The deal gives Richfood Shopper's Food Warehouse, a chain of 37 discount supermarkets in Maryland and Virginia and the third largest chain in metropolitan Washington, with stores in Anne Arundel, Charles, Frederick, Montgomery and Prince George's counties.
Richfood also owns Metro, which has 17 stores. In March, it completed the purchase of Farm Fresh Inc., a bankrupt supermarket chain based in Norfolk, Va.
Richfood, with total annual sales of $3.5 billion, now has about 100 grocery stores with sales of $2 billion.
Richfood will sell all of Dart Group's non-supermarket subsidies, including Crown Books Corp., Trak Auto Corp, and Total Beverage. Richfood stock closed at $25.38 yesterday, down 6.25 cents.
Pub Date: 5/15/98