ARIZONA NEWS

Arizona Asian grocery chain acquired by California company

Apr 13, 2024, 5:45 AM

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The Lee Lee International Supermarkets store in Chandler. (Maison Solutions Inc.)...

expand The Lee Lee International Supermarkets store in Chandler. (Maison Solutions Inc.)

(Maison Solutions Inc.)

Lee Lee International Supermarkets, a three-store Asian-focused international grocery store chain with locations in Peoria, Chandler and Tucson, has been acquired by a Southern California-based specialty grocery retailer.

Maison Solutions Inc. (Nasdaq: MSS), which owns a handful of supermarkets that offer traditional Asian and international food and merchandise, announced Wednesday it acquired Lee Lee Oriental Supermart Inc. through its wholly-owned subsidiary AZLL LLC, an Arizona limited liability company, 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.

Maison acquired Lee Lee so it could enter the Arizona market with an established base of stores before starting expansion.

“This transaction demonstrates our strategy of expanding by acquisition in geographic locations with large and growing Asian and ethnic populations,” John Xu, Maison’s president and CEO, said in a statement. “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.”

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Arizona Asian grocery chain acquired by California company