Investment Firm KKR Acquires Cardenas Markets and Mi Pueblo
ONTARIO, CA - In a shakeup of California’s Hispanic-focused grocery industry, global investment firms KKR, based in New York, and Victory Park Capital, based in Chicago, have acquired both Cardenas Markets and the Mi Pueblo chain. In total, the acquisition includes 52 stores.
“KKR and Victory Park will be making investments in both Cardenas Markets and Mi Pueblo, along with the ownership of both businesses, including the Cardenas family,” KKR’s Corporate Communications Manager Cara Kleiman stated, according to the Press Enterprise.
Kleiman noted that while the company would not be disclosing financial details, KKR believes that these new investments will create growth for Mi Pueblo and Cardenas Markets, creating new jobs, and offering “long and rewarding career paths” for executives and employees.
“We are very excited about our new partnership with KKR global investments. This affords us a great opportunity to expand our reach in the grocery industry and into communities not presently served by Cardenas,” added Marco Robles, Director Public Affairs at Cardenas Markets, the source reported. “We are also proud of providing the best quality service and providing the finest quality food products to our customers. We plan to continue to expand that much recognized family service with this new acquisition.”
Cardenas Markets owns and operates 33 stores throughout Southern California and the Las Vegas area, employing about 3,000 people. Mi Pueblo has a total of 19 store locations throughout the San Francisco Bay Area, Central Valley and Monterey Bay Peninsula.
How will this out-of-state power move translate for the West Coast’s Hispanic grocery industry? Keep watching AndNowUKnow for more details on the shifting retail landscape.