Price Co., the San Diego-based operator of 38 Price Club discount warehouses, announced late Friday afternoon that it had entered into a $52-million agreement in principle to acquire Alfred M. Lewis Inc., a Riverside-based wholesale distribution and food retail business.
Price also received an option, "exercisable in certain instances," to acquire real estate owned by Lewis in Los Angeles and San Diego counties and Phoenix.
Price would acquire Lewis for $40 a share. Lewis had 1987 sales of $573 million and employs 1,050.
Executives of neither company were available Friday evening for comment.