Renovo Capital Acquires Andronico’s Community Markets
One of the Bay Area’s best known family-owned specialty supermarkets today announced the end of its bankruptcy proceeding with the sale of its assets to an affiliate of Renovo Capital for $16 million. The sale allows Andronico’s Community Markets to continue to serve its strong and loyal customer base while preserving the jobs of more than 330 employees dedicated to ensuring its historic markets continue to serve future generations of shoppers.
Renwood Opportunities Fund acquired substantially all the operations of Andronico’s Markets Inc. through a 363 sale process in the US Bankruptcy Court – Northern District of California. Renwood was the pre-petition lender to Andronico’s and provided Debtor-In-Possession financing during the 65 day term of the bankruptcy sale process.
Beginning Friday, October 28, Andronico’s stores will open under new ownership and as a new company committed to continuing its strong customer service, exemplary specialty products throughout the company’s 6 remaining stores.
“I want to thank our loyal customers, our committed employees and our faithful vendors who have worked with us through this difficult chapter in the company’s history,” said Bill Andronico, a third generation member of the family which founded the markets. “I am pleased that Renovo Capital’s purchase will allow us to improve our standing in the market and build on the strong brand my family has built over three generations.”
Andronico’s will continue to operate five locations: two stores in Berkeley and markets in San Francisco, San Anselmo and Los Altos. Renovo is committed to investing into the store’s physical infrastructure to update the facilities and ensure that the stores continue to improve the quality of service for which they have historically been known. As part of this effort, key members of Andronico’s executive management team will be retained to manage the company and its operations.
Andronico’s is now a portfolio company of the Renwood Opportunities Fund, managed by Renovo Capital and Rosewood Private Investments. Renovo Capital is a private equity firm whose primary focus is on operating turnarounds, bankruptcy reorganizations, debt purchases and out-of-court restructurings for companies in the manufacturing, distribution and service industries. Rosewood Private Investments is the private equity arm of The Rosewood Corporation, a prominent family-owned company with diverse worldwide operations and investments.
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