ACON Investments Acquires Fiesta
Apr 29, 2015, 10:00 ET
WASHINGTON, April 29, 2015 /PRNewswire/ -- ACON Investments, L.L.C. and its affiliates ("ACON") announced today that it has acquired Fiesta Mart, L.L.C. ("Fiesta" or the "Company"). Fiesta is among the largest international and Hispanic grocery chains in the United States with 60 stores throughout Texas. ACON has hired Michael Byars as President and CEO of Fiesta. Mr. Byars has extensive experience in the grocery industry, most recently as President and CEO of BI-LO, LLC. Previously, Mike was President and CEO of Minyard Food Stores, Inc. and served in a number of senior management positions during his 25 years with the Delhaize Group.
"We are excited to be partnering with Mike and the entire Fiesta team," said Ken Brotman, a Founding Partner of ACON. "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," added Brotman.
The transaction follows the recently announced sale of Grocers Supply wholesale business 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," remarked Andre Bhatia, a Managing Partner of ACON.
In assuming his new responsibilities, Mr. Byars offered, "I sincerely appreciate the trust and confidence placed in me by ACON. I look forward to working with the Company's employees to further strengthen Fiesta's position and growth in the markets it serves." Byars added, "I would like to thank Louis Katopodis and his team for positioning Fiesta as a market leader in the areas we serve."
The Food Partners, LLC is serving as financial advisor and Hogan Lovells US LLP as legal counsel to ACON. Lazard is serving as financial advisor and Vinson & Elkins LLP as legal counsel to Fiesta.
Terms of the transaction were not disclosed.
About Fiesta
Fiesta Mart, L.L.C. is a Texas-based international food retailer with an emphasis on the Hispanic market. Fiesta was co-founded by Donald Bonham and O.C. Mendenhall in Houston in 1972. Fiesta currently has 60 stores open in the Houston, Austin, and Dallas-Fort Worth markets, serving customers from over 100 countries of origin with a vast variety of dry grocery and perishable products. Fiesta provides fresh quality meat, seafood, grocery, produce, dairy products, beer, and fine wines. Fiesta proudly supports local charities, educational programs and special events, as well as works with community leaders and citizens on a variety of programs and projects. For more information, visit www.fiestamart.com.
About ACON Investments
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON and its principals have managed over $3.6 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, Sao Paulo and Bogota. For more information, visit www.aconinvestments.com.
CONTACTS:
Ken Brotman
ACON Investments, L.L.C.
(202) 454-1111
Andre Bhatia
ACON Investments, L.L.C.
(202) 454-1118
Suma Kulkarni
ACON Investments, L.L.C.
(202) 454-1132
David de Kanter
Fiesta Mart, L.L.C.
(713) 866-8203
SOURCE ACON Investments, L.L.C.