An investment fund formed in part by Renovo Capital of Dallas has swooped in to rescue two ailing Bay Area food companies from Chapter 11: A.G. Ferrari and Andronico’s. Earlier this year, Italian deli/prepared food chain A.G. Ferrari filed for bankruptcy and shuttered four of its thirteen Bay Area locations, shortly following the death of two of its original owners.
Meanwhile upscale grocer Andronico’s declared bankruptcy in August, and things weren’t looking so hot for them either. Enter the Renwood Opportunities Fund, which has brought both back from the brink. At A.G. Ferrari, they’re also getting a new CEO, John Clougher, formerly president of Whole Foods Market. Long live fancy food!
A.G. Ferrari, Andronico’s rescued by buyer [Bottom Line/Chron]
Earlier: Andronico’s Is In Trouble
A.G. Ferrari Closes Berkeley Store, Files for Chapter 11