A venerable institution in Wilton is changing hands Peter Keating, President and owner of Village Market, Inc. since 1989 announced this morning that he has sold the 78-year-old independent supermarket\u00a0 business to two of the store\u2019s managers. Michael Picheco, the store\u2019s Grocery\/Frozen Foods\/Dairy Manager and Timothy Dolnier, the store\u2019s Deli\/Prepared Foods Manager reached a stock purchase agreement with Mr. Keating and the deal closed\u00a0 yesterday. Terms of the deal were not disclosed. Mr. Picheco and Mr. Dolnier will serve as co-presidents, and plan to keep the current management team and structure in place. Mr. Keating announced the sale and his resignation as president of the company to the store\u2019s staff today by way of a letter to the employees and with a series of follow-up meetings in the store. \u201cThe best thing about this deal is that it provides for great continuity,\u201d Mr. Keating said. \u201cContinuity for the staff and continuity for the community that we\u2019ve been fortunate to serve since 1935.\u201d Mr. Keating began working for Village Market\u2019s founding family, the Piersalls, in 1975 and purchased the business from them in 1989. The full-service, independent supermarket now employs 100 staff members, including over 40 full-time positions. Mr. Keating was represented by Karp & Langerman PC of Milford, Conn. in the transaction and the buyers were represented by Robinson & Cole of Stamford. A full story will appear in this week\u2019s Bulletin.