Mexico's Comerci sells restaurant business to Gigante for $81 mln
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)
source: Reuters
