Wakefern Food Corp. has entered into an agreement to purchase Morton Williams stores in the New York metro area. The acquisition combines the grocery expertise of the family-owned cooperative and the Morton Williams family, which has owned and operated its stores for three generations.
New Jersey-based Wakefern will retain the Morton Williams name, according to a news release. A wholly owned subsidiary of Wakefern will operate the 17 stores in the tradition New Yorkers have come to expect, with special emphasis on fresh, prepared foods, produce and Wakefern’s award-winning private label brands. The Food Partners, headquartered in Washington, D.C., served as financial and strategic adviser to Wakefern during the transaction.
“We are very excited to welcome Morton Williams to our Wakefern family of supermarket banners. This acquisition is an incredible opportunity to continue the legacy of a storied New York City grocer while building on the business and adding even more product offerings, value and quality for shoppers,” says Mike Stigers, president of Wakefern. “Wakefern is committed to honoring the traditions of Morton Williams by bringing high-quality fresh foods and groceries to residents of one of the greatest cities in the world.”
“The acquisition is part of Wakefern’s aggressive growth strategy to expand both its market share and wholesale distribution reach,” says Sean McMenamin, chairman for Wakefern. “Wakefern’s leadership team and board of directors has a vision for our cooperative that is transformative. We are positioning Wakefern for sustainable, lasting growth that will impact future generations of our membership.”
Like Wakefern, Morton Williams is family-owned. The company was founded in 1952 by brothers Joe and Irving Sloan. Joe’s sons, Morton and William, later built upon the business and expanded to supermarkets in the New York City area, the release says. They would go on to reinvent the business again in the 1970s, when they began opening new, reimagined markets in Manhattan. They changed the name of the new stores to Morton Williams and opened locations with kitchens, chefs and a focus on fresh, prepared foods for customers on the go.
Carrying on the legacy, Morton Williams is now guided by the third generation — Avi Kaner, Morton Sloan’s son-in-law; David Sloan, his son; and Steven Sloan, the son of William Sloan.
“Like Wakefern, which was founded by neighborhood grocers, we are also a family business and proud of the company we’ve built over the decades. Supermarkets are an important part of the fabric of the neighborhoods they serve. Wakefern understands that,” says Avi Kaner, speaking on behalf of the Sloan and Kaner family. “We know our company, its team members and loyal customers are in good hands as it moves into the future under Wakefern’s leadership.”
Kevin McDonnell, currently president of Wakefern’s wholly owned subsidiary PRRC, Inc., will serve as the Wakefern executive leading Morton Williams. PRRC, Inc. operates stores under the Price Rite Marketplace banner.
“I look forward to working with the team at Morton Williams to ensure we continue delivering the service and quality the brand is known for and at the same time offering greater value that comes from being part of a cooperative,” McDonnell says. “The buying power of the cooperative, which has more than 360 stores in nine states, and the legacy of Morton Williams service is a winning combination.”
McDonnell is a 40-year supermarket industry veteran with broad experience in store operations, merchandising, marketing and management as well as extensive experience in operating stores in the New York City area.
Morton Williams offers online shopping and operates 15 stores in Manhattan, a store in the Bronx and another in Jersey City.
