PROVIDENCE – Eastside Marketplace will be acquired by Ahold USA, the parent company of Stop & Shop and other U.S. grocery chains, the Providence company announced Tuesday morning.
Under the terms of the acquisition, Eastside Marketplace will become a new division of Quincy, Mass.-based Ahold, retaining its identity, staff and store management, including general manager Brian Pacheco. Financial terms of the deal were not disclosed.
Eastside Marketplace, located at 165 Pitman St., has been owned and operated by the Laurans family for 32 years.
“They [Ahold] will learn from us and we will learn from them,” said Scott B. Laurans, president and CEO of ESM Inc., the holding company that owns Eastside Marketplace. “This is a tribute to our hard-working team to embark on this new project,” one that is a positive for the state and the neighborhood, he added.
Laurans will remain a consultant to Ahold, a prospect he said was “exciting,” and one that he is looking forward to. Still, he said the transaction was “bittersweet to me. I am emotionally attached to the store, the employees and the community.”
The Laurans family exits the grocery business in Rhode Island and New England after having also owned Roger Williams Foods Inc., which operated IGA stores in Rhode Island before being acquired in 1988 by SuperValue Inc., now one of the largest grocery wholesalers and retailers in the U.S.
Scott B. Laurans is also the current chairman of the Lifespan board of directors.