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TPG Capital agrees $396m deal for Gelson’s Markets owner Arden Group

23 Dec 2013

vegetablesUS private equity major TPG Capital has agreed to pay close to $400m for Californian grocery store business Gelson’s Markets by purchasing parent company Arden Group in an all-cash deal.

The firm’s $126.50 per share deal represented a premium of about 26 per cent on the average closing stock price over the past six months.

TPG partner Carrie Wheeler said, “Gelson’s Markets is an iconic Southern California supermarket chain that prides itself on offering quality and unmatched customer service.

“We look forward to working with the team to further expand Gelson’s footprint of premier supermarkets.”

Earlier this year TPG and VTB Capital-backed Lenta reportedly began talks with bankers over a potential London IPO which could raise £1bn.

The FT quoted sources as saying Lenta could list on the London Stock Exchange as soon as the last quarter of 2013, but said other sources believed a listing was unlikely to happen this year.

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