March 25, 2018 / 4:54 PM / 25 days ago

Mexico's Chedraui reaches deal to buy Fiesta Mart stores in Texas

MEXICO CITY, March 25 (Reuters) - Mexican retailer Grupo Comercial Chedraui has reached a deal with ACON Investments to acquire Texas-based grocery store chain Fiesta Mart, the company said in a statement on Sunday.

The acquisition of Fiesta Mart’s 63 locations strengthens Chedraui’s presence in the U.S. retail market focused on Mexican-American consumers, a fast-growing segment of the market.

The company made the purchase through its U.S. unit Bodega Latina, and the price of the acquisition reflects 0.2 percent of the firm’s projected 2018 sales and 6.6 percent of its earnings before interest, taxes, depreciation and amortization (EDITDA) for the year, the statement added.

The companies did not disclose the purchase price.

Reporting by David Alire Garcia; Editing by Lisa Shumaker

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