HOUSTON, TX - Fiesta Mart has been acquired by an investment firm less than six months after the purchase of its parent company, Grocers Supply Co. Inc.
Acon Investments LLC, an investment firm based in Washington D.C. has purchased the 60-store chain that was not part of C&S Wholesale Grocers Inc.’s November acquistion.
"Acon's prior supermarket investing experience should prove beneficial to Fiesta, and we were fortunate to have been able to work through the complexities of the integrated businesses of Fiesta and Grocers Supply to arrive at a good solution," Andre Bhatia, Managing Partner of Acon, said in a press release.
Acon has hired Michael Byars as the new President and CEO of Fiesta, according to the Houston Business Journal, but C&S Wholesale will continue to supply the chain.
Byars reportedly brings several years of grocery and leadership experience, having served most recently as President and CEO of BI-LO, LLC. Byars was also President and CEO of Minyard Food Stores, Inc. and worked in several senior management positions during his 25 years with the Delhaize Group.
“We are excited to be partnering with Mike and the entire Fiesta team,” Ken Brotman, a Founding Partner of Acon, said in the release. “Fiesta has established itself as a leading international and Hispanic grocery operator in the United States, and we look forward to building value in a business that is very well positioned for continued growth.”
According to the Houston Business Journal report, the Food Partners LLC is serving as financial adviser, and Hogan Lovells US LLP as legal counsel to Acon, with Lazard serving as financial adviser and Vinson & Elkins LLP as legal counsel to Fiesta.
The financial details of the acquisition have not yet been disclosed. Acon reportedly commented that it does not currently have any plan to establish its own operations in Texas, nor did it say anything about changes to a management team, staff additions or reductions, or any store closures.
