Yucaipa Cos. has completed the acquisition of Fresh & Easy Neighborhood Market from Tesco PLC.

The Los Angeles investment company is led by billionaire Ron Burkle, who said in a statement that Fresh & Easy’s existing infrastructure offers a” tremendous foundation” to rebuild the franchise.

British retail giant Tesco sold the chain after it failed in its effort to export its stripped-down supermarket concept to the United States.

“We .... see an incredible opportunity to create a healthy convenient food experience,” said Burkle, who now spends most of his time in London but maintains a residence and other ties in Los Angeles in addition to the investment company.

Tesco announced in April that it was selling off its money-losing Fresh & Easy chain, which has its U.S. headquarters in El Segundo. The deal with Yucaipa, terms of which were not disclosed, was announced in September.

In a Chapter 11 filing made a few weeks following the sale announcement, Fresh & Easy said it operated nearly 170 stores in Arizona, California and Nevada, and employed more than 4,000 people.

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