Cardenas Markets Bolsters Southern California Presence With Acquisition of Six Rio Ranch Market Stores; Doug Sanders Details
ONTARIO, CA - More Cardenas Markets stores may soon be popping up in the Southern California region, as the grocer has revealed its recent acquisition of six Rio Ranch Market stores.
“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 Chief Executive Officer of Cardenas Markets. “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.”
This transaction is expected to close by the middle of July 2022, after which the group of stores will be gradually integrated into Cardenas Markets’ operations, according to NewsBreak.
Rio Ranch Markets operates six stores in Southern California, with locations in Chino, Banning, Fontana, Perris, Riverside, and San Bernardino. Cardenas Markets currently operates a total of 51 stores under the Cardenas Markets banner, seven stores under the Los Altos Ranch Markets banner, and one store under the Cardenas Ranch Markets banner.
In the transaction, The Food Partners (TFP) served as strategic and financial advisor to Rio Ranch Market. During the transition period, no immediate changes are expected to the operations of Rio Ranch Market stores. ANUK has reached out to the company and is awaiting a comment.
Stay tuned for more acquisitions and expansions as we report.