TPG, a leading global private investment firm, has completed its acquisition of Arden Group Inc., parent of Gelson’s Markets, an operator of 17 distinctive, full-service specialty grocery stores in Southern California.
“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,” Rob McDougall, president and chief executive officer of Gelson’s Markets, said in a press release. “In fact, we will be opening our first new store under TPG’s ownership in La Cañada Flintridge 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."
The merger agreement was approved by the company’s board of directors Dec. 20, 2013. Under the terms of the agreement, Arden Group’s shareholders will receive $126.50 per share in cash for each share of Arden Group’s common stock they hold. As a result of the transaction, Arden’s stock is no longer listed for trading on the NASDAQ stock exchange.