Arden Agrees to Sale for $394 Million

LOS ANGELES —  Arden Group here, parent company of Gelson's Markets, said late Friday it has entered into a definitive agreement to merge the 17-store chain into TPG, a global private-investment firm, in a cash transaction valued at approximately $394 million.

Carrie Wheeler, a partner in TPG, said Gelson's is "an iconic Southern California supermarket chain, [and] we look forward to working with the team to further expand its footprint."

CONNECT WITH SN ON TWITTER

Follow @SN_News for updates throughout the day.

According to Rob McDougall, president of Gelson's, "TPG has a strong understanding and appreciation for our brand and our dedication to superior customer service.  We are pleased to partner with TPG and look forward to the next phase of the company's growth. Gelson's will continue to provide the highest levels of service to our customers at our same locations while looking to offer a remarkable shopping experience in other areas of Southern California."

Under terms of the agreement, Arden shareholders will receive $126.50 per share in cash for each share of Arden common stock.

TPG, headquartered in Fort Worth, Texas, has $55.7 billion of assets around the world, including investments in Burger King, Daphne, China Grand Auto, J. Crew, Neiman Marcus Group and Petco. According to its website, "We are problem solvers, partners and pioneers. TPG's approach to investing helps us recognize value – or the potential for value – where others cannot see it. This contrarian philosophy has delivered consistent and outstanding performance because we dedicate the right mix of capital, time, and management and operational expertise to make successful investments out of challenging situations."

Read more: Gelson's Markets Parent Mulls Sale

Suggested Categories	More from Supermarketnews
Latest News Top 75 Retailers & Wholesalers Top 50 Small Chains & Independents Top 25 Global Retailers Power 50	SN Photo Galleries Videos Industry Voices SN Viewpoints Total Access Event Coverage