Hispanic supermarket chain Cardenas Markets has entered an agreement to acquire fellow Latino grocer Rio Ranch Market.
Financial terms of the transaction weren’t disclosed. Ontario, Calif.-based Cardenas said Thursday that its purchase of Rio Ranch Market’s six stores will expand its Southern California footprint. With headquarters in Fontana, Calif., Rio Ranch operates supermarkets in San Bernardino, Riverside, Chino, Perris, Banning and Fontana as well as a warehouse in San Bernardino.
Overall, Cardenas Markets operates 59 stores under the Cardenas Markets (51 locations), Los Altos Ranch Markets (seven locations) and Cardenas Ranch Markets (one location) banners in California, Nevada and Arizona.
“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,” Cardenas Chairman and CEO Doug Sanders said in a statement. “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.”
Founded in 1983 by two entrepreneurial businessmen, Rio Ranch Markets stores emphasize perishables, including fresh meat, seafood, produce, deli, dairy and bakery deparments. Stores also offer a tortilleria, a cremeria, pizza, hot prepared foods (including authentic Mexican dishes), a juice bar, beer/wine/spirits, center-store groceries, frozen foods, a floral section and general merchandise. Customers, too, can order online and have their groceries delivered via Instacart.
No immediate changes are slated for Rio Ranch’s operations of Rio Ranch during the ownership transition period, Cardenas reported. Plans call for the Rio Ranch stores to be integrated into Cardenas’ operations gradually while continuing to serve their communities. The Food Partners (TFP) served as strategic and financial adviser to Rio Ranch Market for the transaction, which is expected to close by the middle of July.