<p>Cardenas Markets and Northgate Gonzalez Market have come together to acquire Phoenix-based Pro’s Ranch Markets in a purchase transaction valued at $55 million.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>The Southern California-based Hispanic retailers, Cardenas and Northgate, recently formed a separate LLC- Cardenas Northgate Group Ranch to acquire and operate Pro’s Ranch which filed for Chapter 11 Bankruptcy reorganization in May of 2013. The partnership reached a successful agreement with the US Bankruptcy Court to purchase the company, according to a Northgate Gonzalez Market press release. The sale includes stores 7 stores in Arizona as well as 2 in New Mexico and two in Texas. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>“We are confident that Cardenas’ and Northgate’s financial strength, supply chain structure and commitment to family values and integrity will reenergize these stores, and allow them to continue providing the wide-range of products, high-level of customer service and competitive prices that Pro’s Ranch customers have come to expect. We believe we can build upon the legacy of well-established values and the strong market presence that Pro’s Ranch is known for. This is a win for everyone—customers, employees, neighborhoods and families,” said Northgate Gonzalez Market Co-President, Oscar González Reynoso. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>The newly formed CNG Ranch, LLC will also obtain the use of the Pro’s Ranch Markets corporate office along with a 151,000 sq. foot warehouse in Phoenix as part of the purchase transaction. The Northgate team will take the reins operationally, providing overall management, and direction for daily operations under the supervision of the CNG Ranch, LLC Board of Directors. The Board includes members from both the Cardenas and Northgate organizations. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>“Even though Pro’s Ranch has experienced a number of operational and financial difficulties over the last few years, it has continued to foster a fiercely loyal customer base - one that took years to develop - and was even voted Arizona’s Retailer of the Year in 2012,” said Jesus Cardenas, President of Cardenas Markets. “On behalf of both the Cardenas and González families, we recognize the loyalty and patience of the 2,500 Pro’s Ranch employees and are happy to provide some closure and peace of mind for them moving forward.” </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>CNG Ranch, LLC plans to work closely with Pro’s Ranch existing management to ensure that customers, vendors and the communities in which the stores are rooted continue to receive the quality products and service they have come to know from the grocer.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>“We are very pleased that two of the most successful Hispanic grocery store chains in the United States, Cardenas Markets and Northgate Gonzalez Market, will be acquiring our stores,” said Pro’s Ranch Market Executive Vice President and CFO Michael Provenzano. ”These are two fine operators with whom we have had a 20-year relationship. It’s a win-win for everyone.”</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>Congratulations to all on the successful transaction.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.northgatemarkets.com/en-us/about-northgate/northgate-in-the-news" target="_new">Northgate Gonzalez Market</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.cardenasmarkets.com/home/home_en.html" target="_new">Cardenas Markets</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.prosranch.com/about.aspx" target="_new">Pro’s Ranch Markets</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
