MONTEREY, PARK, CA - As the demand for Asian grocery stores rises, Maison Solutions, a California-based grocer offering traditional Asian food, has announced its acquisition of Lee Lee Oriental Supermart. The retailer agreed to buy the Arizona three-store chain, which operates under the name Lee Lee International Supermarkets, for $22.2 million.
"This transaction demonstrates our strategy of expanding by acquisition in geographic locations with large and growing Asian and ethnic populations," said John Xu, President and Chief Executive Officer of Maison Solutions. "Lee Lee International Supermarkets has an established brand presence in Arizona and is a perfect fit for Maison, giving us a base for further growth in the region.”
This deal will effectively double Maison Solutions’ size as the retailer expects annual revenue to jump to $70 million, according to a release. The acquisition will also expand Maison Solutions—which has six Southern California stores—into new markets.
Lee Lee International Supermarkets is one of the largest international markets in Arizona. It operates in the greater Phoenix and Tucson metro areas. The three-store chain offers products from more than 30 countries and regions.
The chain’s Chandler, Arizona, location spans over 52,000 square feet and includes a bakery, while its Peoria store is more than 60,000 square feet and features a boba tea store and clothing shop. The grocer’s Tucson, Arizona, store is over 51,000 square feet and includes a Vietnamese restaurant and BBQ restaurant.
The purchase price of $22.2 million will be paid over a 10-month period and includes $7 million in cash paid immediately at closing on April 8, 2024, with the rest paid through a secured note agreement.
To read more about this transaction, click here.
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