Fiesta Mart aquisition creates El Super-sized Hispanic grocer
Fiesta Mart aquisition creates El Super-sized Hispanic grocer
Bodega Latina Corp., doing business as El Super, a leading U.S. Hispanic grocer, has agreed to acquire Fiesta Mart, a Texas-based international food retailer with an emphasis on the Hispanic segment operating 63 stores primarily in the Dallas and Houston areas.
The combination of Bodega Latina and Fiesta creates one of the largest Hispanic-focused supermarket companies in the U.S., with a total of 122 stores across California, Arizona, Nevada, New Mexico, and Texas and revenues of approximately $3 billion. Over 50 percent of the fast-growing U.S. Hispanic population resides within the five states in which the company operates. The acquisition brings together best-in-class practices across both retailers to further enhance the customer shopping experience via improved pricing, quality and customer service.
"The acquisition of Fiesta allows us to meaningfully expand into Texas via an established, well known supermarket operator," said Carlos Smith, president and chief executive officer of Bodega Latina. "Through the combination of the strengths of our two organizations, we will be well positioned to significantly accelerate our vision of efficiently offering high quality products at the lowest possible prices. We believe this transaction will be beneficial for all of our stakeholders, including customers, suppliers, employees, and vendors. We look forward to welcoming Fiesta's talented employees and working together to create the premier Hispanic grocery retailer."
Sid Keswani, CEO of Fiesta, said, "Combining the strengths of Bodega Latina with those of Fiesta will accelerate the evolution and growth of Fiesta through combining the parties’ scale, geographic reach, talented teams, and market knowledge. Our team members are excited about becoming part of the Bodega Latina family and continuing to grow the combined company."
The transaction is currently expected to close at the beginning of the second quarter of 2018, subject to customary closing conditions. Fiesta stores will continue to be operated under their own banner.