Bashas’ Family of Stores, which has operated in Arizona for nearly 90 years, is being acquired by Raley’s Holding Company, another independent regional grocery chain based out of Sacramento, California.
The companies announced to their employees on Friday that Chandler-based Bashas’ has signed a definitive agreement to be acquired by Raley’s.
The deal has been in the works for 14 months and Raley's approached Bashas' with an unsolicited offer, Edward “Trey” Basha, the president and CEO of Bashas’, told the Business Journal.
The deal is expected to close by the end of the year. Both privately held companies chose not to publicly reveal the price of the acquisition.
Bashas and its brands – including Food City and AJ’s Fine Foods – will stay in place, as will all its employees, Basha said. Bashas' will be a fully formed operating company within the Raley’s enterprise that will maintain all its stores, the distribution center and corporate office in Chandler, Basha said.