Gelson’s Markets anticipates opening between five and 10 new stores over the medium- to long-range following completion of its acquisition Wedneusday by TPG, the company told SN Wednesday.
“There is a significant amount of cash that will be available to us for expansion,” Yvonne, Manganaro, director of, said.
Gelson’s will open its 18th store — in La Canada Flintridge — in late March. That store, and one opened in Long Beach, Calif., in November, represent the chain’s first new stores in 12 years, “and we plan to open one or two new stores a year going forward,” Manganaro said.
Most new stores are likely to be fill-in locations, she added, though it’s possible the chain could expand south into San Diego County either through organic growth or acquisitions, she noted.
Read more: Gelson's eyes expansion in Calif.
Gelson’s is a division of Los Angeles-based Arden Group, which announced completion of the acquisition by TPG Wednesday. TPG is a global private investment firm based in Fort Worth, Texas.
The merger of Gelson’s with TPG was approved by Gelson’s on Dec. 20. Under terms of the agreement, Arden shareholders will receive $126.50 per share in cash for each share of Arden common stock they hold.
According to Rob McDougall, president and CEO of Gelson’s, “With TPG’s retail experience and financial support, we are confident we can profitably grow Gelson’s, and we are excited to embark on this new phase for the company.”
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