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Firm Invests in MyWebGrocer
PALO ALTO, Calif. — Private-equity firm HGGC here said Tuesday it has completed a growth-equity investment in MyWebGrocer, which provides e-grocery services for traditional retailers and CPG companies.
June 11, 2013
2 Min Read
PALO ALTO, Calif. — Private-equity firm HGGC here said Tuesday it has completed a growth-equity investment in MyWebGrocer, which provides e-grocery services for traditional retailers and CPG companies. Terms were not disclosed.
Winooski, Vt.-based MyWebGrocer provides services for several traditional supermarket chains, including Kroger, ShopRite and Albertsons, as well as more than 200 CPG brands.
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“We have always worked with investors who bring more than capital — people who are true partners that value what we have built and want to work alongside us to accelerate our growth and realize the tremendous potential of MyWebGrocer,” said Rich Tarrant, a co-founder and the chief executive officer of MyWebGrocer. “HGGC’s unique insights, proven track record with technology-enabled services businesses, and experience with founder-owned businesses make them the clear choice.”
The Jordan Edmiston Group served as financial advisor to MyWebGrocer and its minority investor, the Stripes Group, which sold its stake in MyWebGrocer as a part of this transaction.
The investment comes as Amazon expands its pershables-distribution business to new markets. This week it rolled out AamazonFresh to the Los Angeles market after a six-year test in Seattle. It is expected to roll the servcie out to San Francisco later this year and possibly to additional markets next year.
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