SAN LEANDRO, Calif. — The same investment company bidding to take Andronico's Community Markets out of Chapter 11 bankruptcy is close to acquiring A.G. Ferrari Foods, a nine-store specialty chain here in the Bay Area, according to published reports.
Renovo Capital would operate the two companies separately, the reports indicated, though it's possible Andronico's could offer some of Ferrari's imported pastas, sauces and other Italian products in its stores if the two companies have common ownership.
Executives at Renovo and Ferrari could not be reached for comment Thursday.
Renovo has already gotten approval from the U.S. Bankruptcy Court to purchase A.G. Ferrari for $1.2 million. Ferrari's annual revenues are estimated at $9 million.
As previously reported, Renovo has bid $20 million to acquire Andronico's at auction.