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Maison Solutions | 8-K: Current report

SEC ·  Apr 10 16:38

Summary by Moomoo AI

Maison Solutions Inc., a specialty grocery retailer, has completed the acquisition of Lee Lee Oriental Supermart, Inc., which operates as Lee Lee International Supermarkets in Arizona. The transaction, which closed on April 8, 2024, was approved by the Company's Board of Directors on March 27, 2024. Maison Solutions, through its wholly-owned subsidiary AZLL, LLC, acquired 100% of the outstanding equity interests in Lee Lee for a total purchase price of approximately $22.2 million. This amount includes an immediate cash payment of $7.0 million and a senior secured note agreement for the remaining $15.2 million, with a structured payment schedule and potential adjustments. The acquisition is expected to double Maison Solutions' size and add approximately $70 million in annual revenue. The deal also includes customary representations, warranties, indemnification...Show More
Maison Solutions Inc., a specialty grocery retailer, has completed the acquisition of Lee Lee Oriental Supermart, Inc., which operates as Lee Lee International Supermarkets in Arizona. The transaction, which closed on April 8, 2024, was approved by the Company's Board of Directors on March 27, 2024. Maison Solutions, through its wholly-owned subsidiary AZLL, LLC, acquired 100% of the outstanding equity interests in Lee Lee for a total purchase price of approximately $22.2 million. This amount includes an immediate cash payment of $7.0 million and a senior secured note agreement for the remaining $15.2 million, with a structured payment schedule and potential adjustments. The acquisition is expected to double Maison Solutions' size and add approximately $70 million in annual revenue. The deal also includes customary representations, warranties, indemnification, non-competition, non-solicitation, and confidentiality provisions. Additionally, security and guarantee agreements were entered into to secure the payment of the principal amount of the note. The acquisition aligns with Maison Solutions' strategy to expand in areas with significant Asian and ethnic populations and provides a foundation for further growth in the region.

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