Cardenas Markets and Mi Pueblo, two of the most important Hispanic grocery chains in California, decided to combine their business to create one of the largest Hispanic supermarket chains in the country with more than 40 stores in California and Nevada.
The global investment firm, KKR, that made significant investments in their business last year alongside Victory Park Capital, announced the combination of both business and will operate as Cardenas Markets LLC.
Each grocery chain will continue to operate separately, but will be managed under one executive team led by CEO John Gomez.
“Regardless of acculturation level or language preference, Hispanic people use food as a vehicle to connect with their culture and heritage. This is a growing demographic, not only in size, but also in influence as well, and I am proud to be working with two leading retailers to offer the best shopping experience to our communities in Northern and Southern California, as well as Las Vegas,” said Gomez.
Cardenas Markets LLC Has Big Plans
The launch of Cardenas Markets LLC will make it possible for both businesses to maximize efficiencies, offer competitive prices for quality products and invest in the store experiences to further improve the service and quality that customers have come to know.
The combined company will also focus on growth opportunities for team members and offer extensive training programs to improve their skills, resulting in a more enjoyable shopping experience for customers.
Cardenas Markets is headquartered in Ontario, California and has been in operation since 1981. The chain operates 31 store locations throughout the Inland Empire Imperial County, Pomona and Las Vegas Nevada.
Mi Pueblo, established in 1991, is Northern California’s leading Hispanic grocery retailer. Their 15 stores are located in the Bay Area, Monterey Peninsula and the Central Valley and offers consumers quality foods, greater value, and genuine service in an authentic environment modelled after hometown markets found in Mexico and Latin America.
“Cardenas Markets and Mi Pueblo are committed to the communities they serve and through this integration will be able to better deliver for those communities. With a vision of becoming the leading Hispanic grocer in the country, Cardenas Markets LLC will continue to prioritize their loyal customers through the company’s continued growth, while creating jobs and offering rewarding career paths for employees along the way,” said Vishal Patel, KKR.
The company has planned a number of new store openings over the next few years. With locations throughout California and Nevada, Cardenas Markets LLC also plans to explore opportunities to expand the company’s footprint across other key Hispanic markets.
KKR’s investment in Cardenas Markets and Mi Pueblo is primarily from its eleventh Americas Private Equity investment fund. VPC’s investment is held by the firm’s Special Opportunities Fund II, which has owned Mi Pueblo since May 2014.
Information provided by Business Wire