Arden Group, parent of Gelson’s Markets, an operator of 17 full-service specialty grocery stores in Southern California, has completed its previously announced acquisition by TPG, a leading global private investment firm.
The merger agreement was approved by the company’s board of directors in December. Under the terms of the agreement, Arden Group’s shareholders will receive $126.50 per share in cash for each share of Arden Group’s common stock they hold. As a result of the all-cash transaction, valued at approximately at $394 million, Arden’s stock is no longer listed for trading on the NASDAQ stock exchange.
“With TPG’s retail experience and financial support, we are confident that we can profitably grow Gelson’s, and we are excited to embark on this new phase for the company,” said Rob McDougall, president and CEO of Gelson’s Markets. “In fact, we will be opening our first new store under TPG’s ownership in La Cañada Flintridge at the end of March. We hope this will be the first of many new store openings to come in the future, expanding Gelson’s legacy of providing quality service and products.”
