Amvest Financial Group, Inc. a national investment bank clients, Angelo, Gordon & Co., MTN Capital Partners LLCand Bruce Weitz have acquired Kings Super Markets, Inc. from Marks & Spencer.

Marks and Spencer Group plc, London announced the sale of Kings Super Markets, Inc to a US investor group consisting of Angelo, Gordon & Co., MTN Capital Partners LLC and Mr. Bruce Weitz for $61.5 million in cash. Angelo Gordon and MTN Capital are co-sponsors and Mr. Weitz is the operating partner in the transaction.
The transaction is expected to close by the end of April.

For the year April 2, 2005, turnover of Kings was $405.9m and operating profit was $7.9m. This compares to a turnover in 2004 of $403.2m and operating profit of $4.2m. As at 2 April 2005, net assets of Kings being disposed of, excluding cash, were $57.0m.

Ian Dyson, Group Finance Director, Marks & Spencer, said:
"The disposal of Kings is the last part of our program to refocus Marks & Spencer. Kings is a strong brand with a committed workforce, but it doesn’t fit within our core business. We wish them well under their new ownership."

• Kings Super Markets was founded in 1936 in Summit by the Bildner family. Its headquarters are in Parsippany, New Jersey, with 26 stores, ranging from 6,000 to 27,000 sq ft net, serving northern New Jersey and Garden City, Long Island. Kings employs 2,250 full- and part-time associates in its stores and head office.
• New York-based MTN Capital (www.mtncapital.com) is a private equity firm that focuses on middle market companies. MTN has extensive experience investing in retail companies and works on bringing both the capital as well as the operational resources needed to achieve successful investments.
• Angelo Gordon (www.angelogordon.com) was founded in 1988 and currently has over 50 investment professionals managing approximately $10 billion in capital across multiple investment strategies. The New York-based private equity group currently manages over $800 million in existing and committed capital.
• Bruce Weitz has over 30 years of senior management experience working with supermarket and retail companies. He was previously CEO at Duane Reade Drugstores and Today’s Man, Inc. and President of First National Supermarkets and Grossman’s Home Centers. He has also held executive positions at Wakefern Food Corporation/ShopRite Supermarkets and Price Chopper Supermarkets.

Amvest, a founded in 1976, is a leading national investment banking firm specializing in mergers, acquisitions, divestitures and related corporate finance services. Amvest's value is enhanced by the fact that many of their professionals have acquired, operated, and sold their own companies, providing real world, hands-on experience in all areas in which Amvest advises. 

For additional information, contact Charles K. Oppenheimer toll-free at 888-451-9698 or visit our website at www.amvest.com