Maison Solutions Inc. a U.S.-based specialty grocery retailer offering traditional Asian and international food and merchandise, has acquired Lee Lee Oriental Supermart, Inc., a three-store supermarket chain operating under the name, Lee Lee International Supermarkets, in the greater Phoenix and Tucson metro areas.
The company acquired the supermarkets through AZLL, LLC, an Arizona limited liability company and the company’s wholly owned subsidiary. The purchase price of $22.2 million will be paid over a 10-month period and includes $7 million in cash paid immediately at closing on April 8, with the rest paid through a secured note agreement.
“This transaction demonstrates our strategy of expanding by acquisition in geographic locations with large and growing Asian and ethnic populations,” said John Xu, president and chief executive officer of Maison Solutions. “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.
“The strategic acquisition is expected to add approximately $70 million in annual revenue for us, effectively doubling our current size. We remain committed to future growth through new store openings and acquisitions,” Xu added.
Stores Highlights:
- The Chandler (Phoenix metro area) store comprises more than 52,000 square feet. This market includes a Vietnamese restaurant, a bakery, and a jewelry store.
- The Peoria (Phoenix metro area) store comprises more than 60,000 square feet. This market includes a Vietnamese restaurant, a boba tea store, a jewelry store and a clothing store.
- The Tucson store comprises more than 51,000 square feet. This market includes a Vietnamese restaurant and a BBQ restaurant.
Lee Lee International Supermarkets is the largest international market in Arizona. Its three locations offer products from more than 30 countries and regions, and provide the highest quality product selection available. Founded over 30 years ago, Lee Lee International Supermarkets has won multiple awards for best international supermarket, Asian market and specialty foods.
Maison Solutions Inc. is a U.S.-based specialty grocery retailer offering traditional Asian food and merchandise, particularly to members of Asian-American communities. The Company is committed to providing Asian fresh produce, meat, seafood, and other daily necessities in a manner that caters to traditional Asian-American family values and cultural norms, while also accounting for the new and faster-paced lifestyle of younger generations and the diverse makeup of the communities in which the company operates. Since its formation in 2019, the company has acquired equity interests in four traditional Asian supermarkets in the Los Angeles area, and has been operating them under the brand name HK Good Fortune.
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