LOS ANGELES — Nogales Investors, a locally based private equity firm, and Breco Holdings, a Houston-based investment firm, have formed a joint venture to purchase Numero Uno Markets here and manage future grocery acquisitions. The companies did not disclose the purchase price.
Numero Uno operates eight stores — located in densely populated urban areas of Los Angeles and targeting Hispanic consumers — with annual revenues exceeding $120 million, the two companies said.
According to Nogales, the Numero Uno brand captured the investors’ attention “because of its strong, positive reputation among Hispanic consumers in the Los Angeles area.”
The Nogales-Breco joint venture said it plans to continue to make grocery store acquisitions here.
Alfredo Brener, principal in Breco Holdings, formerly owned Boys Markets in Los Angeles before selling the chain in 1989 to Yucaipa Cos., which merged the stores into the Ralphs chain.
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