Ancoris Capital Partners acted as the exclusive financial advisor to the senior management team in completing the management buyout of Associated Supermarket Group, LLC (“ASG”, or the “Company”). Ancoris raised debt and equity capital and structured the transaction on behalf of the management team and the buying group. ASG’s senior management, led by co-Presidents and co-CEOs Joe Garcia and Zulema Wiscovitch, acquired the Company from AUA Private Equity Partners with financing from Freedom 3 Capital and other investors.
Headquartered in Port Washington, New York, ASG provides retail solutions to approximately 230 independently owned grocery stores in the New York Tri-State Area and other cities along the U.S. Eastern Seaboard, providing distribution, marketing, merchandising, promotional services, and store financing. The Company’s supermarket banners include Associated, Compare Foods, Met Foodmarkets, MetFresh, Metropolitan City Market, Pioneer, and other independently named stores.
ASG provides customers with critical services that enable independently owned and operated stores to take advantage of economies of scale normally available only to larger supermarket chains. The Company and its new partners will continue to focus on expanding ASG’s footprint and service offering to its loyal customers.
“The Ancoris team went above and beyond in identifying the right partner in Freedom 3 for this next phase of exciting growth for our company. Ancoris architected for us an attractive, customized financing solution to support our initiatives. Heather Smith and her team acted as true advisors throughout every facet of this transaction.”
– Joe Garcia, co-President and co-CEO of ASG
“After working with the Ancoris team in the recent past, we again selected them to advise us on this very important transaction. Ancoris provided thoughtful and straightforward guidance and conducted a highly effective process that resulted in a phenomenal outcome for the management team and our new partners.”
– Zulema Wiscovitch, co-President and co-CEO of ASG