Mexico's Comerci sells restaurant business to Gigante for $81 mln

jueves 21 de agosto de 2014 21:27 GYT
 

MEXICO CITY Aug 21 (Reuters) - Mexican supermarket chain Comercial Mexicana has sold its restaurant business to retailer Grupo Gigante for 1.061 billion pesos ($81 million), the company said in a statement on Thursday.

Comercial Mexicana, known locally as Comerci, said it had sold 53 Restaurantes California and Beer Factory eateries to Grupo Gigante's Restaurantes Toks division.

Comerci, which operates up-market stores such as City Market in addition to mass-market chain Mega, said it will retain ownership of the Restaurantes California properties which it plans to rent out in long-term leases.

The sale will allow Comerci to focus on its core supermarket business, the company added.

Total sales from the restaurants acquired in the deal reached 717 million pesos ($54.7 million) since the beginning of this year, according to a Thursday statement from Grupo Gigante.

Grupo Gigante said the acquisition is in line with the company's growth strategy. (1 US dollar = 13.1075 Mexican peso) (Reporting by David Alire Garcia; Editing by Bernard Orr)