Former Bi-Lo CEO Heading Newly Acquired Fiesta Mart

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Former Bi-Lo CEO heading newly acquired Fiesta Mart

May 4, 2015

Fiesta Mart LLC, one of the larger international and Hispanic grocery chains in the United States, has been acquired by ACON Investments LLC and its affiliates. ACON has hired Michael Byars as president and chief executive officer of Fiesta, which has 60 stores throughout Texas.

Byars has extensive experience in the grocery industry, most recently as president and CEO of BI-LO LLC. Previously, he 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," Ken Brotman, a founding partner of ACON, said in a press release. "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."

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," Andre Bhatia, a managing partner of ACON, said in the release.

"I sincerely appreciate the trust and confidence placed in me by ACON," Byars said. "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

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market leader in the areas we serve."