SANTA BARBARA, Calif. -

The Gelson's Market chain is getting a new owner.

The parent company, the Arden Group, has struck an estimated $394 million deal with a private investment firm known as TPG.

The sale includes all 17 specialty grocery stores in Southern California including one in Santa Barbara on Las Positas in the Loreto Plaza.

Talk of a sale began more than six months ago.

Gelson's opened its first store in 1951.

TPG has also invested in several retail franchises including Burger King, and Petco.

Details about what may happen under the new ownership have not been released.