William Blair acted as the exclusive financial advisor to Cardenas Markets, Inc. with its sale to Kohlberg Kravis Roberts & Co. L.P. In connection with this transaction, KKR and Victory Park Capital are purchasing Mi Pueblo Food Centers. Transaction terms were not disclosed. The transaction closed on November 29, 2016.
Transaction Highlights
- Deep relationships and sector expertise: Cardenas was attracted to William Blair’s extensive knowledge and experience within the food retail sector, recent transaction experience, and our strong relationships with likely strategic and financial acquirers. Positioning the business as a platform opportunity with the ability to expand the existing store base and execute an acquisition strategy within the fragmented, highly attractive Hispanic-focused grocery sector was critical to driving value.
- Process and execution excellence: William Blair’s proven ability to deliver strong outcomes by coordinating highly competitive processes and a successful track record of selling food retail companies were important factors to the partnership with Cardenas. William Blair’s sale process produced a strong competitive dynamic, a highly attractive valuation, and favorable economic and purchase agreement terms.
- Trusted guidance: William Blair’s senior deal team was integrally involved in each step of the transaction process and negotiations, facilitating an exceptional outcome for the Cardenas family.
About the Companies
Cardenas is a leading family-owned Hispanic food retailer delivering an authentic customer shopping experience. Operating 30 grocery stores located in Southern California and Nevada, the company is highly focused on delivering one-stop convenience through its emphasis on fresh departments (tortillas, meat, bakery, kitchen/restaurant), Hispanic-focused grocery offerings and other convenient services such as money transfers and check cashing.
KKR is a global private equity firm that invests in and partners with industry-leading franchises and companies poised for significant improvement or growth that attract high-quality management teams. Founded in 1976, the firm is based in New York, NY, with additional offices across North America, Europe, Australia, and Asia.
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