The Hispanic supermarket chain, Cardenas Markets, announced that it is expanding its presence in Southern California by acquiring six Rio Ranch Market stores.
“Cardenas Markets is stronger than ever, and this acquisition further solidifies the company’s position as one of the leading Hispanic supermarket chains in the country,” said Doug Sanders, Chairman & CEO of Cardenas Markets. “As we look ahead, we will continue to identify strategic opportunities to grow our business while providing a fresh & authentic shopping trip for our customers,” Sanders added.
Rio Ranch Markets operates stores in Chino, Banning, Fontana, Perris, Riverside, and San Bernardino. During the transition period, no immediate changes are expected to the operations of Rio Ranch Market stores, said the supermarket company in a press release.
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The group of stores will gradually be integrated into Cardenas Markets’ operations while continuing to offer the best shopping experience to the communities where they operate. The company expects the transaction to close by the middle of July 2022.
Founded in 1983, Rio Ranch Markets operates six stores in Southern California and strongly emphasizes fresh foods, including meat, produce, prepared foods, bakery, and homemade tortillas.
Cardenas Markets is headquartered in Ontario, CA, and currently operates a total of 51 stores under the Cardenas Markets banner, seven stores under the Los Altos Ranch Markets banner, and one store under the Cardenas Ranch Markets banner. Today, Cardenas Markets is one of the largest Hispanic grocery chains in the country, with stores in California, Nevada, and Arizona.
In the transaction, The Food Partners (TFP) served as strategic and financial advisor to Rio Ranch Market. TFP, headquartered in Washington DC, is an investment banking firm in the food industry. TFP provides merger, acquisition, and divestiture services, private placements of debt and equity capital, financial restructuring, strategic advisory, and loan portfolio services.