AUA Private Equity exits Associated Supermarket Group

AUA Private Equity Partners LLC has sold Associated Supermarket Group to ASG's senior management.

AUA Private Equity Partners LLC has sold Associated Supermarket Group to ASG’s senior management. No financial terms were disclosed. Investors that included Freedom 3 Capital provided the financing for the management buyout. ASG is a provider of supermarket retail solutions and services to independent grocery operators.

PRESS RELEASE

Port Washington, NY – January 12, 2021 – AUA Private Equity Partners, LLC (“AUA Private Equity”) is pleased to announce that it has consummated the sale of Associated Supermarket Group, LLC (“ASG”), to ASG’s senior management, led by Joe Garcia (CEO) and Zulema Wiscovitch (EVP & CAO) with financing from Freedom 3 Capital and other investors. ASG provides retail solutions to approximately 230 independently owned grocery stores in the New York Tri-State Area and other cities along the U.S. Eastern Seaboard, providing distribution, marketing, merchandising, promotional services, and store financing. Under the new structure, Joe and Zulema will share responsibilities of co-President and co-CEO.

Over its hold, AUA Private Equity was instrumental in evolving ASG from a family-owned business to an institutional company providing supermarket retail solutions and services to independent grocery operators. Under AUA Private Equity’s ownership, ASG acquired four prominent New York supermarket banners, expanded its store footprint into contiguous geographies, built institutional systems and processes, and recruited a leading management team.

Andy Unanue, Managing Partner of AUA Private Equity and Chairman of ASG, stated: “I am very proud of how AUA Private Equity strengthened the value proposition of ASG during our ownership and delivered long-lasting benefits for independent grocers that operate stores in multicultural communities.”

Steven Flyer, Partner of AUA Private Equity, commented: “Our investment in ASG reflects AUA Private Equity’s ongoing strategy of investing in family-owned companies where we can institutionalize a privately-held business, expand the company’s service offerings, and accelerate growth. Our sale to the company’s management team is a very good outcome for our investors, our management team, and ASG’s customers, and positions ASG as a leading provider of retail solutions and distribution to independent retailers.”

Joe Garcia, co-President & co-CEO of ASG, added: “I have enjoyed our partnership with AUA and I am excited to begin the next chapter for ASG under management ownership. We look forward to continuing to serve our customers, expand our footprint to other areas, and offer a tremendous value that positions the supermarkets we service ahead of their competition.”

Zulema Wiscovitch, co-President & co-CEO of ASG stated, “We are thrilled to embark on this journey as we envision ASG’s future of continued growth with an emphasis on retail excellence, an outstanding value proposition and innovation for the benefit of our customers, and our mutual success in the marketplace. We have a phenomenal team of people who are laser-focused on accomplishing our goals and growth objectives.”

The sale transaction was led by Partner Steven Flyer, Vice President Jack Lin, and Associate Greg Conway. McDermott Will & Emery provided legal advice and RSM US LLP provided financial and accounting advice to AUA Private Equity. Ancoris Capital Partners acted as financial advisor to ASG management and the buying group.

About AUA Private Equity Partners, LLC
AUA Private Equity Partners is an operationally focused, lower middle-market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses or companies benefiting from the growth of the U.S. Hispanic population. AUA Private Equity makes equity investments of $20 to $75 million in companies that generate in excess of $5 million in EBITDA. For more information on AUA Private Equity, please visit www.auaequity.com.

About Associated Supermarket Group, LLC
ASG provides retail solutions to approximately 230 independently owned grocery stores in the New York Tri-State Area and other cities along the U.S. Eastern Seaboard. The Company licenses its “Associated”, “Compare”, “Met Foods”, “Pioneer”, “MetFresh” and “Metropolitan Citymarkets” proprietary trade names to independent grocery store owners and provides services in the form of grocery distribution, marketing, merchandising, promotional services, advertising, and store financing. For more information on Associated Supermarket Group, LLC, please visit www.asghq.com.