Lee’s Discount Liquor has been acquired by a Texas-based liquor company.
Spec’s Family Corp., parent company of Spec’s Wines, Spirits & Finer Foods, in June acquired Lee’s Discount Liquor. Spec’s is a fourth generation, family-owned business founded in 1962. The acquisition of Lee’s is the company’s first entrance into the Nevada market.
Going forward, Lee’s will keep its name, partnerships and continue to operate independently in Nevada, according to Spec’s. Former Lee’s CEO Nami Lee will stay on in an advisory position for five years.
The financial terms of the deal weren’t disclosed.
Founded in 1981 in Las Vegas, Lee’s Discount Liquor was Nevada’s largest independent liquor chain. The chain operates 23 locations across the state, with most locations in the Las Vegas Valley.
John Rydman, CEO of Spec’s Family Corp. and now Lee’s, says the families have been friends since the early 1980s.
After the deaths of Lee’s founder Hae Un Lee and his son Kenny Lee, he said the family was “interested in trying to sell,” although “serious talks” didn’t start until February.
Hae Un Lee died in 2021, and his son Kenny Lee was killed in a car crash the same year. Kenny Lee’s wife, Nami Lee, took over as CEO following the deaths.
“We actually had talked before Mr. (Hae Un) Lee passed that, you know, someday maybe we’ll do something together, but that day never came,” said Rydman.
Rydman said there will be “minor tweaks” in the company, but ultimately hopes to “make Lee’s even healthier than it is today.” Additionally, he hopes to bring new things to stores such as cigars.
“It wasn’t a huge strategic decision to go searching it out,” said Rydman of the acquisition. “They kind of called on us, and we were ready.”
In the end, Spec’s hopes to “keep the legacy of Lee’s going” in Nevada.
This is a developing story. Check back for updates.
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.
