Pan Pacific International’s Acquisition of Gelson

Ropes & Gray LLP advised TPG Capital, while Cooley LLP advised PPIH on the deal.

Gelson’s Markets (Gelson’s), a premier Southern California-based supermarket chain, announced that Pan Pacific International Holdings (TSE1:7532) (PPIH) and TPG Capital, the private equity platform of global alternative asset firm TPG, have entered into a definitive agreement pursuant to which PPIH will acquire Gelson’s from TPG Capital. The deal is expected to close in the second quarter of 2021 and is subject to customary closing conditions.

PPIH is a global retailer with 638 international stores, 582 of them in Japan. The company was founded over 40 years ago by entrepreneur and innovator Takao Yasuda and is particularly known for their famous Don Quijote store brand. PPIH also operates stores in the U.S. in Hawaii and California, as well as in Singapore, Hong Kong, Thailand, and Taiwan.

Gelson’s was acquired by TPG Capital in 2014. The brand has grown significantly over the seven-year partnership, expanding its footprint from 17 to 27 stores from Santa Barbara to San Diego. Gelson’s Markets currently operates 27 full-service specialty grocery stores in Southern California.

TPG Capital is the private equity platform of TPG, a global alternative asset firm founded in 1992 with approximately $83 billion of assets under management.

Ropes & Gray LLP advised TPG Capital with a team led by private equity partner Othon Prounis (New York; Picture), and included tax partner Adam Greenwood (New York), employment, executive compensation & benefits partners Loretta Richard (Boston), Megan Bisk (Boston) and Matthew Jones (Chicago), real estate partner Jack Creedon (Boston), strategic transactions partners Regina Sam Penti (Boston), Megan Baca (Silicon Valley) and Edward Black (Boston), health care partner Thomas Bulleit (Washington D.C.), litigation & enforcement partners Anne Johnson Palmer (San Francisco), Jonathan Klarfeld (Washington D.C.), Timothy Farrell (Chicago) and Rocky Tsai (San Francisco), and finance partner Byung Choi (Boston).

Involved fees earner: Megan Baca – Ropes & Gray; Megan Bisk – Ropes & Gray; Edward Black – Ropes & Gray; Thomas Bulleit – Ropes & Gray; Byung Choi – Ropes & Gray; Jack Creedon – Ropes & Gray; Timothy Farrell – Ropes & Gray; Adam Greenwood – Ropes & Gray; Anne Johnson Palmer – Ropes & Gray; Matthew Jones – Ropes & Gray; Jonathan Klarfeld – Ropes & Gray; Othon Prounis – Ropes & Gray; Loretta Richard – Ropes & Gray; Regina Sam Penti – Ropes & Gray; Rocky Tsai – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: TPG Capital;

Martina Bellini

Author: Martina Bellini

Pan Pacific International’s Acquisition of Gelson

Ropes & Gray LLP advised TPG Capital, while Cooley LLP advised PPIH on the deal.

Gelson’s Markets (Gelson’s), a premier Southern California-based supermarket chain, announced that Pan Pacific International Holdings (TSE1:7532) (PPIH) and TPG Capital, the private equity platform of global alternative asset firm TPG, have entered into a definitive agreement pursuant to which PPIH will acquire Gelson’s from TPG Capital. The deal is expected to close in the second quarter of 2021 and is subject to customary closing conditions.

PPIH is a global retailer with 638 international stores, 582 of them in Japan. The company was founded over 40 years ago by entrepreneur and innovator Takao Yasuda and is particularly known for their famous Don Quijote store brand. PPIH also operates stores in the U.S. in Hawaii and California, as well as in Singapore, Hong Kong, Thailand, and Taiwan.

Gelson’s was acquired by TPG Capital in 2014. The brand has grown significantly over the seven-year partnership, expanding its footprint from 17 to 27 stores from Santa Barbara to San Diego. Gelson’s Markets currently operates 27 full-service specialty grocery stores in Southern California.

TPG Capital is the private equity platform of TPG, a global alternative asset firm founded in 1992 with approximately $83 billion of assets under management.

Ropes & Gray LLP advised TPG Capital with a team led by private equity partner Othon Prounis (New York; Picture), and included tax partner Adam Greenwood (New York), employment, executive compensation & benefits partners Loretta Richard (Boston), Megan Bisk (Boston) and Matthew Jones (Chicago), real estate partner Jack Creedon (Boston), strategic transactions partners Regina Sam Penti (Boston), Megan Baca (Silicon Valley) and Edward Black (Boston), health care partner Thomas Bulleit (Washington D.C.), litigation & enforcement partners Anne Johnson Palmer (San Francisco), Jonathan Klarfeld (Washington D.C.), Timothy Farrell (Chicago) and Rocky Tsai (San Francisco), and finance partner Byung Choi (Boston).

Involved fees earner: Megan Baca – Ropes & Gray; Megan Bisk – Ropes & Gray; Edward Black – Ropes & Gray; Thomas Bulleit – Ropes & Gray; Byung Choi – Ropes & Gray; Jack Creedon – Ropes & Gray; Timothy Farrell – Ropes & Gray; Adam Greenwood – Ropes & Gray; Anne Johnson Palmer – Ropes & Gray; Matthew Jones – Ropes & Gray; Jonathan Klarfeld – Ropes & Gray; Othon Prounis – Ropes & Gray; Loretta Richard – Ropes & Gray; Regina Sam Penti – Ropes & Gray; Rocky Tsai – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: TPG Capital;

Martina Bellini

Author: Martina Bellini