Peter Keating, president and owner of Village Market, Inc. since 1989 announced today that he has sold the seventy-eight year-old independent supermarket business to two of the store’s managers.
Michael Picheco, the store’s grocery/frozen foods/dairy manager and Timothy Dolnier, the store’s deli/prepared foods manager reached a stock purchase agreement with Keating and the deal closed yesterday. Terms of the deal were not disclosed.
Picheco and Dolnier will serve as co-presidents, and plan to keep the current management team and structure in place.
That includes general manager Nancy Dolnier, who has been with the store for 30 years, and is also Tim Dolnier’s mother.
“I’m very excited. I’m thrilled that it’s my son and Mike, who are great young men and will do wonderful things for the business. They have great vision, they want to keep the store much the same as it is–a community-minded store that people love to shop in. I’m thrilled to be part of it,” said Nancy, adding [and laughing] that she will now have someone to report to.
“I have a great relationship with both of them and they’re both incredible people. I couldn’t be happier that it’s them.”
Keating announced the sale and his resignation as President of the company to the store’s staff today by way of a letter to the employees and with a series of follow-up meetings in the store.
“The best thing about this deal is that it provides for great continuity. Continuity for the staff and continuity for the community that we’ve been fortunate to serve since 1935.” Keating said.
Keating began working for Village Market’s founding family, the Piersalls in 1975 and purchased the business from them in 1989. The full-service, independent supermarket now employs one hundred staff members, including over 40 full-time positions.