ONTARIO, Calif. — Pro's Ranch Markets here said Wednesday it has agreed to sell four of its stores in California to Vallarta Supermarkets, based in Sylmar, Calif. Terms of the transaction, which is expected to close by Thanksgiving, were not immediately available.
The sale would leave Pro's Ranch Markets with seven stores in the Southwest, plus four under construction. Locations are in Arizona, Texas and New Mexico.
Vallarta Supermarkets will operate 11 supermarkets in California's Central Valley region after the close. "We are excited to expand our presence in the Central Valley. We welcome the customers of the Ranch Markets team to our family and look forward to working with the employees for a smooth transition," said Enrique Gonzalez Sr. of Vallarta Supermarkets, in a prepared release.
Mike Provenzano Sr., Pro's Ranch Markets president and chief executive officer, said the decision to sell the stores was "difficult."
"The Central Valley and the surrounding communities welcomed us with open arms from day one, and we have long-term team members who are like family," he said.
SN estimated Pro's 2009 sales at about $425 million. Sagent Advisors was exclusive financial advisor to Pro's Ranch Markets on the transaction, and Lakeshore Food Advisors LLC was exclusive financial advisor to Vallarta Supermarkets.
