Fiesta Mart has been a Texas grocery icon for over four decades. Today, Acon Investments, announced that they’d purchase the chain. Northwest Houston shoppers will likely be most familiar with their store off FM 1960 and 249 in the Willowchase Shopping Center.
Mike Byars has been named the new CEO of Fiesta. Mike already has extensive experience in the grocery industry, having piloted major brands such as BI-LO, Carnival Supermarkets, Minyard Supermarkets, and Sack n Save Warehouse Stores.
Fiesta Mart’s website posted the following announcement:
ACON Investments, LLC and its affiliates (“ACON”) announced today that it has acquired Fiesta Mart, LLC (“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.