TUCSON, AZ (April 17, 2024) -- Maison Solutions Inc. (Nasdaq: MSS), a chain of supermarkets offering traditional Asian and international food and merchandise, announced last week that it had acquired Lee Lee Oriental Supermarket, Inc. (Paulina and Meng Truong) through its wholly owned subsidiary AZLL, LLC for $22.2 million.
Lee Lee Oriental Supermarket, Inc., Arizona's largest international supermarket, has been a beacon of diversity for 30 years. It offers various groceries, live and fresh seafood, meat, and exotic produce worldwide, making it a unique and valuable addition to Maison Solutions Inc.'s portfolio.
The acquisition of Lee Lee Oriental Supermarket, Inc. was a significant investment for Maison Solutions Inc. The total purchase amount of $22.2 million will be paid over ten months, with an initial cash payment of $7 million at closing and the remaining balance through a secured note agreement.
The purchase was for Maison to 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 regional growth.”
Lee Lee’s store at 1990 W. Orange Grove Road in Tucson is about 51,000 square feet. The retail center, Lee Lee Plaza, at Orange Grove and La Cholla also has a Vietnamese and BBQ restaurant.
The other two stores in Peoria and Chandler are about the same size and include a Vietnamese restaurant, bakery, boba tea store, and jewelry store.
Maison was founded in 2019 and has grown by acquiring four traditional Asian supermarkets in the Los Angeles area that operate under HK Good Fortune. Maison completed its initial public offering on October 10, 2023.
"The strategic acquisition is expected to add approximately $70 million in annual revenue, effectively doubling our current size. We remain committed to future growth through new store openings and acquisitions,” Xu said in a statement.