Cardenas Markets, the Ontario-based Hispanic supermarket chain, will purchase six Rio Ranch Markets.
Terms were not disclosed, but the transaction is expected to be completed by the middle of next month, according to a statement released by Cardenas.
The stores – in Chino, Banning, San Bernardino, Riverside, Perris, and Fontana – make up Rio Ranch’s entire chain.
Founded in 1983, Rio Ranch is also a supermarket chain aimed at the Latino market. It operates a warehouse-distribution facility in San Bernardino and maintains its corporate headquarters in Fontana,
“This acquisition further solidifies [Cardenas’] position as one of the leading Hispanic supermarket chains in the country,” said Doug Sanders, Cardenas’ chairman and chief executive officer, in the statement. “As we look ahead, we will continue to identify opportunities to grow our business.”
No immediate changes are planned for the Rio Ranch stores, which will be “integrated gradually” into the Cardenas chain, according to the statement.
Cardenas is one of the fastest-growing Hispanic supermarket chains in the United States, with 59 locations throughout California, Nevada and Arizona.
The Food Partners, an investment banking firm in Washington, D.C. that specializes in the food industry, assisted Rio Ranch during the negotiations, according to the statement.
Hope they open one on Mission Blvd, a rio ranch mkt. i like cardenas meats and veggies. So far i Find them fresh. Tks.