Gelson’s Markets, a Southern Californian grocer, is being acquired by Pan Pacific International Holdings (PPIH), according to Los Angeles Daily News.
PPIH is a publicly-traded company operating 639 stores, 582 of which are in Japan. In Hawaii and Japan, it’s known for its Don Quijote brand.
Gelson’s consists of 27 stores in mostly coastal communities of Southern California, wherein it sells gourmet and organic foods, according to the Daily News. The company was acquired by TPG Capital in 2014.
Terms of the deal were not disclosed.
“PPIH leadership has visited every one of our locations and has been incredibly complimentary of our stores and teams, as well as our customer service philosophy,” Rob McDougall, president and CEO of Gelson’s, said in a statement.
“We have set our footprint in the state of California when we acquired Marukai Corporation … and we look forward to expanding our presence in California,” said Naoki Yoshida, president and CEO of PPIH. According to the Daily News, PPIH acquired Marukai in 2013.
The deal is expected to close in the second quarter of 2021, subject to closing conditions.