SAN RAFAEL, Calif. -- Kohlberg & Co., a New York-based investment firm, has completed the acquisition of Provigo Corp. here from Provigo Inc., Montreal, and named a new president.
business. Glass succeeds Joe Coulombe, who left the company when the new owners took over.
Glass was president and chief executive officer of Federated Foods, Chicago, a private-label brokerage. Before that, he spent 20 years with Jewel Cos., Chicago.
Provigo Corp. consists of Market Wholesale Grocery Co., which operates four distribution centers that service more than 1,000 supermarkets and drug stores in northern California, plus 32 corporate retail stores.
The store base includes 16 upscale Petrini's, 10 conventional New Deal Supermarkets, five Cost Less Foods warehouse stores and one Better Buy discount store.
Glass could not be reached last week for comment, and Kohlberg representatives declined comment.
Trade sources told SN Glass hopes to upgrade the Petrini's stores.
Provigo Corp., formerly the California-based subsidiary of Provigo Inc., had operating losses of $11.5 million (U.S.) during the first half of fiscal 1994, following an operating loss of $6.15 million for the year ended in January 1994.
Under the agreement to sell the operation to the Kohlberg subsidiary, Provigo Inc. received a 20% interest in the subsidiary through preferred shares worth $16 million, with a minimum return of 4.5%.
