BERKELEY, Calif.--(BUSINESS WIRE)--One of the Bay Area’s best known family-owned specialty supermarkets today announced the end of its bankruptcy proceeding with the sale of its assets to an affiliate of Renovo Capital for $16 million. The sale allows the remaining Andronico’s Community Markets to continue to serve its strong and loyal customer base while preserving the jobs of more than 330 employees dedicated to ensuring its historic markets continue to serve future generations of shoppers.
Andronico’s, founded in 1929 on Berkeley's Solano Avenue, filed for Chapter 11 bankruptcy to affect a sale of the company’s assets to Renovo Capital. The Oakland division of the United States Bankruptcy Court for the Northern District of California approved the sale last week and the closing of the transaction occurred Thursday, October 27.
Beginning Friday, October 28, Andronico’s stores will open under new ownership and as a new company committed to continuing its strong customer service and exemplary specialty products throughout the company’s 6 remaining stores.
“I want to thank our loyal customers, our committed employees and our faithful vendors who have worked with us through this difficult chapter in the company’s history,” said Bill Andronico, a third generation member of the family which founded the markets. “I am pleased that Renovo Capital’s purchase will allow us to improve our standing in the market and build on the strong brand my family has built over three generations.”
Andronico’s will continue to operate six locations: three stores in Berkeley and markets in San Francisco, San Anselmo and Los Altos. Renovo is committed to investing into the store’s physical infrastructure to update the facilities and ensure that the stores continue to improve the quality of service for which they have historically been known. As part of this effort, key members of Andronico’s executive management team will be retained to manage the company and its operations.
“We are excited about the opportunity for improvement in Andronico’s stores to better serve our customers,” said Scott Lavie of Renovo Capital. “The acquisition of the Andronico’s brand was based on its market cache, and in combination with Renovo’s ability to invest in the stores and employees, we want to ensure that Andronico’s continues its commitment to excellence and delivering value to our customers for generations to come.”
Andronico’s commitment to excellence and value, along with its unique combination of offerings, led to numerous awards, including the National Association for the Specialty Food Trade’s “Retailer of the Year,” National Grocers’ Association “Best of Show Finalist,” and the San Francisco Chronicle's “Reader's Choice for Best Grocery Store.”
“Today, the Andronico’s name is synonymous with freshness, extensive and unique product offerings, and friendly, helpful customer service,” said Lavie. “Its continued innovations with specialty products and presentation have made the markets stand out in a highly competitive business and its new ownership has every intention to continue that tradition.”