Ontario, California-based Cardenas Markets has announced it will expand its Southern California footprint through the acquisition of six Rio Ranch Market locations in Banning, Chino, Fontana, Perris, Riverside and San Bernardino.
The company expects the transaction to close by the middle of July. During the transition period, no immediate changes are expected to the operations of Rio Ranch Market. The group of stores will gradually be integrated into Cardenas Markets’ operations.
“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 and CEO.
“As we look ahead, we will continue to identify strategic opportunities to grow our business, while providing a fresh and authentic shopping trip for our customers.”
Cardenas Markets, one of the largest Hispanic supermarket chains in the country, currently operates 51 stores under the Cardenas Markets banner, seven under the Los Altos Ranch Markets banner and one under Cardenas Ranch Markets banner. It has stores in Arizona, California and Nevada. For more information, visit cardenasmarkets.com.
Founded in 1983, Rio Ranch Markets operates six stores in Southern California and emphasizes fresh foods, including meat, produce, prepared foods, bakery and homemade tortillas.
In the transaction, The Food Partners served as strategic and financial advisor to Rio Ranch Market. TFP, headquartered in Washington, D.C., is the nation’s pre-eminent investment banking firm to 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.