Texas-Based Fiesta Mart To Be Bought By El Super

HOUSTON (CBSDFW.COM/AP) — The Texas-based Fiesta Mart chain is being acquired by a California grocer to create what's being billed as one of the largest Hispanic-focused supermarket companies in the U.S.

El Super is based in Paramount, California. The company announced the deal Sunday, saying the new chain will have 122 stores in Texas, California, Arizona, Nevada and New Mexico.

Terms of the agreement weren't immediately released. The Houston Chronicle reports the deal could be worth as much as $300 million.

El Super is owned by the Bodega Latina Corporation, a subsidiary of Grupo Comercial Chedraui. Houston-based Fiesta Mart is operated by ACON Investments, operating 63 stores mainly in the Houston, but with more than a dozen locations in North Texas and some in the Austin area.

The deal is expected to close in the second quarter. Fiesta Mart stores will retain that name.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)