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PRESS RELEASE: Encino, Calif. (February 23, 2021) – Gelson’s Markets BB #:113119, a premier Southern California-based supermarket chain, today announced that Pan Pacific International Holdings (TSE1:7532) (PPIH) and TPG Capital, the private equity platform of global alternative asset firm TPG, have entered into a definitive agreement pursuant to which PPIH will acquire Gelson’s from TPG Capital.
The deal is expected to close in the second quarter of 2021 and is subject to customary closing conditions.
“We have long appreciated TPG’s understanding of the Gelson’s brand and its strong support over the past seven years, from financing newly built and acquired stores to investing in our Santa Fe Springs distribution center,” said Rob McDougall, President and CEO of Gelson’s. “As we look to the future, we are excited about opportunities for new growth and partnerships under PPIH, while remaining focused on our longtime commitment to the highest standards of quality, va
Owner TPG Capital slated to close transaction in second quarter
Southern California grocer Gelson’s Markets is being acquired from owner TPG Capital by Tokyo-based Pan Pacific International Holdings (PPIH), the parent company of Japanese retailers Don Quijote Co. Ltd. and Marukai Corp.
Financial terms of the agreement, announced late Tuesday, weren’t disclosed. Encino, Calif.-based Gelson’s operates 27 upscale supermarkets from Santa Barbara to San Diego, mostly along the Southern California coast and in the Los Angeles area but also with one location in Rancho Mirage, near Palm Springs. The chain is slated to mark its 70th anniversary in July.