Maison Solutions Inc., a U.S.-based grocer offering traditional Asian food, announced Wednesday it has acquired Lee Lee Oriental Supermart.
Maison has agreed to buy the Arizona-based three-store supermarket company, which operates under the name Lee Lee International Supermarkets, for $22.2 million.
The purchase amount will be paid over a 10-month period and includes $7 million in cash paid immediately at closing with the rest paid through a secured note agreement, according to the press release.
Maison expects the acquisition to add around $70 million in annual revenue, “effectively doubling our current size,” Maison Solutions President and CEO John Xu said in a statement. The acquisition also expands Monterey Park, California-based Maison Solutions, which lists six Southern California stores on its website, into new markets.
Lee Lee International Supermarkets, the largest international market in Arizona, operates in the greater Phoenix and Tucson, Arizona, metro areas.
The three-store chain offers products from more than 30 countries and regions.
Both of its stores in the Phoenix metro area include a Vietnamese restaurant and a jewelry store. The Chandler, Arizona, store spans over 52,000 square feet and includes a bakery. The Peoria, Arizona, location is more than 60,000 square feet and features a boba tea store and clothing shop.
The grocer’s Tucson, Arizona, store comprises more than 51,000 square feet and includes a Vietnamese restaurant and BBQ restaurant.
Xu said the acquisition builds on Maison’s efforts to expand in “geographic locations with large and growing Asian and ethnic populations.”
“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,” Xu said.
