Renovo Capital has sold Andronico’s Community Markets, an operator of specialty grocery stores in the San Francisco Bay Area, to Safeway Inc. No financial terms were disclosed. Bryan Cave provided legal advice to Renovo on the transaction.
March 15, 2017 (Dallas, Texas) – Renovo Capital, a leading middle market special situations focused private equity firm, announced the sale of Andronico’s Community Markets (“Andronico’s”) to Safeway, Inc. Terms of the transaction were not disclosed.
Renovo Capital, LLC, through its Renwood Opportunities Fund, acquired the assets of Andronico’s Markets, Inc. in October of 2011.
Renovo initially partnered with Andronico’s existing management team to invest working capital and remerchandise the stores while leveraging Renovo’s operating network to augment the executive team with a new Chief Financial Officer. This leadership team then launched a full chain store remodel program and growth strategy.
Andronico’s has operated specialty grocery stores throughout the San Francisco Bay Area since 1929 featuring locally grown, raised, produced or prepared foods and products throughout its stores, in addition to offering competitively priced everyday grocery products.
Bryan Cave served as legal counsel to Renovo.
Renovo Capital, LLC (www.renovocapital.com) is a special situations private equity fund, currently investing out of Renovo Capital Fund II, LP, a $132 million committed capital fund. Renovo is focused on partnering with business owners, entrepreneurs and management teams to invest in businesses undergoing varying degrees of operational, financial or market-driven change. Renovo’s principals and extensive network of operating professionals have decades of experience delivering unique capital solutions and operational and strategic leadership to help solve complex situations and drive long term business value creation. Renovo Capital has offices in Dallas and Denver.