Last updated on May 1st, 2015 at 08:39 am
Fiesta Mart, the family-owned Hispanic grocery chain with 60 stores throughout Texas, has been acquired by private investment group Acon Investments. Former Bi-Lo executive Michael Byars has been appointed president and CEO of Fiesta.
“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.”
Byars has extensive experience in the grocery industry. Prior to his most recent position as president and CEO of Bi-Lo, Byars was president and CEO of Minyard Food Stores and served in a number of senior management positions during his 25 years with the Delhaize Group.
“I sincerely appreciate the trust and confidence placed in me by Acon,” said Byars. “I look forward to working with the company’s employees to further strengthen Fiesta’s position and growth in the markets it serves. I would like to thank Louis Katopodis and his team for positioning Fiesta as a market leader in the areas we serve.”
The sale of Fiesta follows the recently announced sale of Grocers Supply wholesale business to C&S Wholesale. Though C&S bought Fiesta’s distribution and supply business through that deal, the Levit family continued to own and operate its retail stores, including the Fiesta Mart chain, prior its purchase by Acon. 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 Andre Bhatia, a managing partner of Acon.
Terms of the transaction were not disclosed.
Fiesta was co-founded by Donald Bonham and O.C. Mendenhall in Houston in 1972. It operates in the Houston, Austin, and Dallas-Fort Worth markets, serving customers from more than 100 countries of origin with a variety of dry grocery and perishable products.