Pan Pacific International Holdings Corporation (TSE:7532) agreed to acquire Gelson's Markets, Inc. from a fund managed by TPG Capital, L.P., employees of Gelson's and others on February 23, 2021. The agreement has been signed on February 24, 2021. Gelson's generated net sale of $872 million in 2020.

The transaction is subject to customary closing conditions. The Board of Pan Pacific International Holdings approved the transaction and it is expected to close in April 2021. Moelis & Company is acting as financial advisor to Gelson's in connection with this transaction, and Othon Prounis, Adam Greenwood, Loretta Richard, Megan Bisk, Matthew Jones, Jack Creedon, Regina Sam Penti, Megan Baca, Edward Black, Thomas Bulleit, Anne Johnson Palmer, Jonathan Klarfeld, Timothy Farrell, Rocky Tsai and Byung Choi of Ropes & Gray LLP is acting as legal advisor to Gelson's and TPG Capital.

SMBC Nikko Securities Inc. is acting as financial advisor to Pan Pacific International Holdings Corporation, and Cooley LLP is acting as Pan Pacific International Holdings Corporation's legal advisor.