Asian Specialty Grocer Expands Into Arizona
Maison Solutions Inc., a U.S.-based specialty grocery retailer offering traditional Asian and international food and merchandise, has acquired, through AZLL LLC, an Arizona limited liability company and the company’s wholly owned subsidiary, Lee Lee Oriental Supermart Inc., a three-store supermarket chain operating under the Lee Lee International Supermarket banner in the greater Phoenix and Tucson metro areas.
The purchase price of $22.2 million will be paid over a 10-month period, including $7.0 million in cash paid immediately at closing, with the remainder paid through a secured note agreement, according to Maison.
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“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 CEO of Monterey Park, Calif.-based Maison. “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.”
Added Xu: “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.”
Comprising more than 52,000 square feet, the Chandler store in the Phoenix metro area features a Vietnamese restaurant, a bakery and a jewelry store, while the Peoria store, also in the Phoenix metro area measures more than 60,000 square feet and includes a Vietnamese restaurant, a boba tea store, a jewelry store and a clothing store. The Tucson store, at more than 51,000 square feet, houses a Vietnamese restaurant and a BBQ eatery.
Lee Lee is the largest international market chain in Arizona. Its locations offer high-quality products from more than 30 countries and regions.
Since its formation in 2019, Maison has acquired equity interests in four traditional Asian supermarkets in the Los Angeles area, which the company operates under the HK Good Fortune banner.
