Two businesses mark five years

Grocery Outlet now on NASDAQ

Two Hollister establishments celebrated their five-year anniversaries recently.

La Catrina Mexican Grill, 449 San Benito St., marked the occasion on June 27 with live music, prizes and other specials. The restaurant is family-owned and -operated.

Heritage Bank of Commerce, 351 Tres Pinos Road, celebrated with a San Benito Chamber of Commerce after hours mixer on June 27.

Grocery Outlet goes public

Grocery Outlet began trading on the NASDAQ on June 20 for the first time in its 73-year history.

In a press release, the grocery store chain announced its public offering of more than 17 million shares will be priced at $22 per share, under the symbol “GO.”

Based in Emeryville, Grocery Outlet has more than 300 stores in California, Idaho, Nevada, Oregon, Pennsylvania and Washington, including at 550 Tres Pinos Road in Hollister.

Grocery Outlet will use the proceeds to repay its outstanding term loans, which is expected to reduce its debt from $854 million to $610 million, according to the company.

In a filing with the U.S. Securities and Exchange Commission, Grocery Outlet stated it has had 15 consecutive years of growth.

“We believe that our broad customer appeal supports significant new store growth opportunities, and we plan to continue to expand our reach to additional customers and geographies across the United States,” the filing stated.

Send business news to Erik Chalhoub at [email protected]

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