You are here
STATE COLLEGE, Pa. -- Green Valley Acquisition Co. finalized its takeover of Uni-Marts Inc. for $2.25 per share, reported the Washington, D.C.-based Knight Ridder/Tribune Business News.
Green Valley is a privately held company formed for the purpose of acquiring Uni-Marts and is majority controlled by various management members of the company. Uni-Marts will now become a privately held business after 18 years as a public company.
Uni-Marts founder Henry Sahakian will serve as co-chairman and president of Green Valley. Sahakian's son-in-law, Ara Kervandijan, will act as executive vice president. He was president of Uni-Marts.
Sahakian founded Uni-Marts in 1972. It was a division of the real-estate business Unico Corp., which went public at the end of 1986, when it was operating just over 200 stores. Today, Uni-Marts has approximately 285 stores that operate under the Uni-Mart and Choice Cigarette Discount banners in the Mid-Atlantic region.