Buy For Less Grocery has entered into agreements to sell seven of its eleven Oklahoma City metro locations.
FOR IMMEDIATE RELEASE
December 15th, 2020
OKLAHOMA CITY– Multi-Banner, Buy For Less Grocery has entered into agreements to sell seven of its eleven Oklahoma City metro locations. Due to the unique branding and format of the various locations, the stores are being sold to two different Grocery Retailers, El Ahorro and Pruett’s Food. El Ahorro will close by the end of December 2020, and Pruett’s Food anticipates closing at the beginning of January. Stores will remain in operation under Buy For Less to ensure a seamless guest and employee experience until the transition and transactions are finalized.
“32 years has flown by” says Hank Binkowski, Buy for Less founder. “Our mission and passion for food access and community has never changed. It is comforting to know our employees and customers are being adopted into what we see is a new extended family. Allowing what our employees have built to continue with an even larger horizon of growth and vision. We believe in both El Ahorro’s acclaimed Hispanic expertise and Pruett’s Food excellence in high caliber fresh offerings. Both operators provide strength and innovation that benefit our customers and highly esteemed leadership allowing us to pass the baton into hands of strength. Both new operators share similar family owned backgrounds, perspective on Faith in business, and focus on workplaces that have an employee-engaged culture. What more could I want for the future of the neighborhoods and communities that we love so much?”
Pruett’s Food will acquire the NW Expressway/Portland Buy For Less, and both Edmond and the Village Uptown Grocery Co. Stores. “Our company is very excited about the opportunity to work alongside the successful Uptown Grocery Co. as well as the Buy For Less near Lake Hefner,” says Ray Pruett, owner of Pruett’s Food. “All three locations have a stellar reputation for fresh meats and vegetables, that we promise to continue. Pruett’s Food cannot wait to start developing lifelong relationships with our new customer base and team. The future is bright as our company moves forward into the Oklahoma City grocery market.”
El Ahorro will acquire, the SW 44th and High Smart Saver, the SW 29th/May Ave., 36th/ S Western, and SW 59th/ Walker Buy For Less Supermercado store operations. “La Michoacana is proud to add the Hispanic themed Buy for Less and Smart Saver stores and team to the family of La Michoacana Meat Markets, El Ahorro Supermarkets and Seller Brothers Grocery stores that it operates in Texas and Oklahoma.”
It is noted that Buy For Less Grocery locations not specifically identified in this announcement are still involved in agreements to sell.
The Food Partners, a grocery industry focused advisory firm, represented Buy For Less Grocery in its evaluation of strategic alternatives and served as financial advisor in its sale of stores to El Ahorro and Pruett’s Foods.
About Pruett’s Food: Pruett’s Food is a family-owned grocery company. Founded in 1946 by the current owner’s grandparents, Raymond and Jewel Pruett. Pruett’s Food currently employs over 600 employees and operates 10 locations predominantly in Southeast Oklahoma.
About La Michoacana: In February 1986, the Ortega family opened a small store in Houston, looking to serve the needs of the Hispanic community. With their focus on fresh meats, prepared just how their customers liked, La Michoacana created jobs, services, and products never before seen in the community. They have since expanded to include over 185 locations in Houston, Dallas, Austin, and San Antonio making them the biggest chain of Hispanic supermarkets in the United States under the La Michoacana, Sellers Brothers and El Ahorro banners.
