Arden Group, parent of upscale Encino-based grocery chain Gelson's Markets, said it has agreed to sell itself to investment firm TPG for $394 million.
TPG said in a statement it plans to expand the 17-store chain, which has struggled in Southern California's highly competive supermarket arena. Gelson's closed a store in Pasadena this year and one in Northridge last year, but opened one in Long Beach. A new location in La Canada will open next year.
“Gelson’s Markets is an iconic Southern California supermarket chain that prides itself on offering quality and unmatched customer service,” said Carrie Wheeler, a partner at TPG. “We look forward to working with the team to further expand Gelson’s footprint of premier supermarkets.”
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