KKR, Victory Park Capital Buy Hispanic Grocers
Ontario, CA-based Cardenas Markets was acquired by New York-based KKR and Chicago-based Victory Park Capital. The investment is expected to lead to expansion into communities not currently served by Cardenas, as well as additional hiring.
The investment partnership also bought San Jose-based Mi Pueblo grocery chain, though retail industry analysts expect the brands to remain separate for the time being. It is undetermined if the deal is a strategic financial play providing entry into the Hispanic supermarket business, or a real estate play given the number of store locations.
Cardenas operates 33 stores throughout SoCal and Las Vegas, employing roughly 3,000 people. The first Cardenas Market opened in Ontario in 1981. Mi Pueblo operates 19 stores.
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