RICHMOND -
It's a CBS 6 investigation. A private equity firm could potentially buy Ukrop's.
While the group isn't being named, we wanted to know what it could mean for the grocery chain and the community.
According to a recent article published in "Supermarket News," a private equity firm may be close to a deal with Ukrop's in this first round of negotiations. But it's still to soon to know.
CBS 6 spoke to the attorney for Performance Food Group. The $10 billion local corporation was purchased by a New York-based private equity firm, Blackstone, in May 2008.
She says noticably change was when Performance Food Group went from a publicly-traded company to a privately held corporation.
And depending on the private equity firm, she says it could be a win-win for everyone.
"It's been great because they really do see us and our employees as kind of critical partners in the success of the company," says Amy Pocklington, General Counsel, Performance Food Group.
Pocklington says the transition has been fairly smooth with some impace because of the downward economy. As for what it will mean for Ukrop's if the grocer is sold to an equity firm?
''I know that there's generally a perception that...there would be some lack of community involvement or they're just driving for the bottomline but that has not been the case in our experience."
Still, non-profit groups like Greater Richmond Partnership Incorporated are watching and waiting. They've received more than a million dollars over the past 15 years from the Ukrop's family and there's concern that money may run out.
"I think all of the non-profits in town are concerned when you have a company as generous as the Ukrop's have been to this community over the last 50 years," says Greg Wingfield, Greater Richmond Partnership, Incorporated.
Even though there's reportedly been new developments surrounding a potential sale of Ukrop's, no one from the Ukrop's family has confirmed it.
While the group isn't being named, we wanted to know what it could mean for the grocery chain and the community.
According to a recent article published in "Supermarket News," a private equity firm may be close to a deal with Ukrop's in this first round of negotiations. But it's still to soon to know.
CBS 6 spoke to the attorney for Performance Food Group. The $10 billion local corporation was purchased by a New York-based private equity firm, Blackstone, in May 2008.
She says noticably change was when Performance Food Group went from a publicly-traded company to a privately held corporation.
And depending on the private equity firm, she says it could be a win-win for everyone.
"It's been great because they really do see us and our employees as kind of critical partners in the success of the company," says Amy Pocklington, General Counsel, Performance Food Group.
Pocklington says the transition has been fairly smooth with some impace because of the downward economy. As for what it will mean for Ukrop's if the grocer is sold to an equity firm?
''I know that there's generally a perception that...there would be some lack of community involvement or they're just driving for the bottomline but that has not been the case in our experience."
Still, non-profit groups like Greater Richmond Partnership Incorporated are watching and waiting. They've received more than a million dollars over the past 15 years from the Ukrop's family and there's concern that money may run out.
"I think all of the non-profits in town are concerned when you have a company as generous as the Ukrop's have been to this community over the last 50 years," says Greg Wingfield, Greater Richmond Partnership, Incorporated.
Even though there's reportedly been new developments surrounding a potential sale of Ukrop's, no one from the Ukrop's family has confirmed it.
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