46 Stores in California and Nevada to Operate Under their Respective
ONTARIO, Calif.--(BUSINESS WIRE)--
KKR, a leading global investment firm, today announced the combination
of Cardenas Markets and Mi Pueblo, two Hispanic grocery chains in which
KKR made significant investments last year, alongside Victory Park
Capital. The combined business will operate as Cardenas Markets LLC and
will become one of the largest Hispanic supermarket chains in the
country. Each grocery chain will continue to operate separately, but
will be managed under one executive team led by CEO John Gomez.
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"Regardless of acculturation level or language preference, Hispanic
people use food as a vehicle to connect with their culture and heritage.
This is a growing demographic, not only in size, but also in influence
as well, and I am proud to be working with two leading retailers to
offer the best shopping experience to our communities in Northern and
Southern California, as well as Las Vegas," said John Gomez.
The launch of Cardenas Markets LLC will make it possible for both
businesses to maximize efficiencies, offer competitive prices for
quality products and invest in the store experiences to further improve
the service and quality that customers have come to know. The combined
company will also focus on growth opportunities for team members and
offer extensive training programs to improve their skills, resulting in
a more enjoyable shopping experience for customers.
"Cardenas Markets and Mi Pueblo are committed to the communities they
serve and through this integration will be able to better deliver for
those communities. With a vision of becoming the leading Hispanic grocer
in the country, Cardenas Markets LLC will continue to prioritize their
loyal customers through the company's continued growth, while creating
jobs and offering rewarding career paths for employees along the way,"
said Vishal Patel, KKR.
The company has planned a number of new store openings over the next few
years. With locations throughout California and Nevada, Cardenas Markets
LLC also plans to explore opportunities to expand the company's
footprint across other key Hispanic markets.
KKR's investment in Cardenas Markets and Mi Pueblo is primarily from its
eleventh Americas Private Equity investment fund. VPC's investment is
held by the firm's Special Opportunities Fund II, which has owned Mi
Pueblo since May 2014.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and
on Twitter @KKR_Co.
Victory Park Capital Advisors, LLC (VPC) is an alternative investment
firm with a focus on providing privately negotiated debt and equity
capital solutions to small and middle market companies across a wide
range of industries. We target fundamentally sound businesses in need of
liquidity and/or capital structure transformation and often take a
leadership role in the financial restructuring process. VPC's offerings
leverage the firm's special situations and credit structuring expertise
and differentiated deal origination capabilities. The firm was founded
in 2007 and is headquartered in Chicago, with resources in New York, Los
Angeles and London. VPC is privately held and a Registered Investment
Advisor with the SEC. For more information visit: www.victoryparkcapital.com.
About Cardenas Markets
Cardenas Markets is headquartered in Ontario, California and has been in
operation since 1981. Cardenas operates 31 store locations throughout
the Inland Empire Imperial County, Pomona and Las Vegas Nevada. Cardenas
is known and respected as a prominent Latino market with a unique
tradition of authentic flavors. Offering customers, the best shopping
experience with a wide selection of quality and fresh products, great
service at a superior value.
For additional information about Cardenas, please visit: http://www.cardenasmarkets.com
About Mi Pueblo
Mi Pueblo, established in 1991, is Northern California's leading
Hispanic grocery retailer. Each of our stores—located in the Bay Area,
Monterey Peninsula and the Central Valley—offers consumers quality
foods, greater value, and genuine service in an authentic environment
modelled after hometown markets found in Mexico and Latin America. Mi
Pueblo's business model is focused on providing every member of the
community with a fun, festive shopping experience, products of the
highest quality and friendly bilingual customer service. For additional
information about Mi Pueblo, please visit: http://www.mipueblo.com/
View source version on businesswire.com: http://www.businesswire.com/news/home/20170706006135/en/
Marco Robles or Alberto
Markets Real Estate:
Brian Braaten, 909-923-7426 x1856
Huller or Cara Kleiman, 212-750-8300
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