The collective owners of CNG Ranch, LLC, which includes managing partner Northgate Gonzalez Market, have reached an agreement that allows Cardenas Markets to acquire the seven Los Altos Ranch Market stores in Arizona. The sale is expected to close within 45 days pending final approvals.
“We at Northgate Gonzalez Market, believe this move will be a very positive one for our business – as we will now turn 100% of our attention to the Southern California Market, where the opportunities for continued growth are high, and we can expand our proven strategies within both our current and future stores,” said Miguel Gonzalez Reynoso, co-president of Northgate. “We believe Cardenas Markets is a good home for these stores, and we wish them well in their future,” Mr. Gonzalez added.
During a transition period, Northgate will continue to provide key operational support services to the new Los Altos ownership through a Transitional Services Agreement. The CNG Ranch, LLC ownership was assisted in the transaction by the investment banking firm of William Blair & Company and the law firm of Brown & Streza LLP.
About Northgate Gonzalez Market:
Northgate Gonzalez Market is a premier Southern California supermarket chain that caters to the Latino community. Family owned and operated and headquartered in Anaheim, CA., Northgate operates 40 stores in Orange, Los Angeles and San Diego counties, providing the highest quality merchandise, fresh and prepared foods and personal service. Learn more at http://www.northgatemarkets.com
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