HOUSTON (AP) — The Houston-based Fiesta Mart chain is being acquired by a California grocer to create what’s billed as one of the largest Hispanic-focused supermarket companies in the U.S.
El Super , based in Paramount, California, announced the deal Sunday, saying the new chain will have 122 stores in California, Arizona, Nevada, New Mexico and Texas.
Terms of the agreement weren’t immediately released. The Houston Chronicle reports the deal could be worth as much as $300 million.
El Super is owned by the Bodega Latina Corporation, a subsidiary of Grupo Comercial Chedraui. Fiesta Mart is operated by ACON Investments, operating 63 stores mainly in the Houston, Dallas, Fort Worth and Austin areas.
In 2016, Fiesta Mart acquired 11 Minyard Food Stores in the Dallas-Fort Worth area from RLS Supermarkets L.L.C.
The deal is expected to close in the second quarter. Fiesta Mart stores will retain that name. RBC Capital Markets L.L.C. served as exclusive financial advisor and Sidley Austin L.L.P. served as legal advisor to Bodega Latina, respectively. The Food Partners L.L.C. served as exclusive financial advisor and Hogan Lovells U.S. L.L.P. served as legal advisor to Fiesta, respectively.