The owner of five Los Angeles-area Asian supermarkets announced it has purchased a chain of three additional markets in the Phoenix-Tucson area.
Maison which operates the HK Good Fortune Supermarket in Southern California revealed this week it had purchased Lee Lee International Supermart for $22.2 million.
Lee Lee’s current locations are in Tucson, Chandler, and Peoria.
$7 million of the purchase price is due at closing in cash and the rest will be paid through a secure note agreement over 10 months.
HK Good Fortune current locations include Monterey Park, San Gabriel, Arcadia, Monrovi and El Monte.
It is owned by Maison Solutions Inc, but the company has not announced if the name Lee Lee will be retained or if the markets will be rebranded as HK Good Fortune or another name.
Maison is traded on the Nasdaq as MSS closed at 1.35 per share Wednesday, basically unchanged. According to Marketbeat, its current locations specialize in selling perishable products such as meats, seafood, vegetables and fruits along with a wide variety of canned foods, Asian seasonings, snacks and liquor.
It is headquartered in Monterey Park. It began trading on the Nasdaq on October 5, 2023 at $4/share.
The company says its purchase of Lee Lee increases its annual revenue to $70 million and doubles its size.
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