You are here
Arden Group, Inc., parent company of Southern California specialty grocery chain Gelson’s Markets, has completed its acquisition by private investment firm TPG, in a transaction valued at about $394 million.
Under the terms of the agreement, which was approved by the company’s board on Dec. 20, 2013, Arden Group’s shareholders will receive $126.50 per share in cash of the company’s common stock. As a result, Arden’s stock will no longer be listed for public trading.
“With TPG’s retail experience and financial support, we are confident that we can profitably grow Gelson’s, and we are excited to embark on this new phase for the Company,” said Rob McDougall, president and CEO of Gelson’s Markets, of the acquisition.
McDougall noted that Gelson's first new store under TPG's ownership will open in La Cañada Flintridge, Calif., at the end of March. "We hope this will be the first of many new store openings to come in the future, expanding Gelson’s legacy of providing quality service and products,” he said.
Founded in 1951, Gelson's operates 17 full-service specialty grocery stores and boasts the area's best market for superior produce, high-quality meat, seafood and deli, an unmatched selection of wine and liquor, and exceptional service.