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HOUSTON — Fiesta Mart LLC, a leading Hispanic supermarket chain with 60 stores in Texas, has been acquired by the Washington D.C.-based investment firm ACON Investments LLC.
Fiesta Mart LLC, a leading Hispanic supermarket chain with 60 stores in Texas, has been acquired by the Washington D.C.-based investment firm ACON Investments LLC.
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Terms of the deal were not disclosed.
ACON has hired supermarket industry veteran Michael Byars to serve as president and chief executive officer of Fiesta. Byars most recently served as president and CEO of BI-LO LLC. Before that he was president and CEO of Minyard Food Stores Inc., a Texas chain, and he previously spent 25 years with the Delhaize Group.
"We are excited to be partnering with Mike and the entire Fiesta team," ACON founding partner Ken Brotman said in a statement. "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."
The transaction follows the sale in November of the wholesale business of Grocers Supply Co., which had been Fiesta’s parent company, to C&S Wholesale. C&S will continue to be the supplier to Fiesta.
"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," said ACON managing partner Andre Bhatia.
