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  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 Mr. Keating and the deal closed  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’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,” Mr. Keating said. “Continuity for the staff and continuity for the community that we’ve been fortunate to serve since 1935.”

Mr. 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 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’s Bulletin.