Heritage Grocers Group (“Heritage”) is a leading specialty grocery retailer with 113 total stores under the Tony’s Fresh Market, Cardenas Markets, and El Rancho Supermercado banners. The grocers, founded in 1979, 1981 and 1988, respectively, offer a differentiated value proposition to customers. Their full shops of high-quality food at affordable price points while providing Hispanic and ethnic offerings that honor diverse cultural traditions and are often unavailable locally.

As a leading Hispanic-focused grocery retailer, Heritage provides a wide range of fresh, affordable and culturally relevant foods to disproportionately low-to-middle-income customers. By operating in underserved communities, Heritage increases its customers’ access to nutritious foods, thereby contributing to their improved health and wellbeing.

Founded in 1967 and headquartered in Milan, Italy, Reno De Medici (“RDM”) is one of the largest producers and distributors of recycled cartonboard in Europe, with core markets in Italy, France and Spain. The company’s products are used in packaging for food, pharmaceuticals, cleaning supplies and other items. RDM employs more than 2,150 people across nine cartonboard mills, four specialized sheeting centers, and 10 sales offices across Europe, North America and Asia. RDM was acquired through a take-private of a strong business at an attractive entry price, an opportunity created by a technical overhang on the stock caused by concentrated ownership. We saw the opportunity to use the business as a platform build-up to further consolidate the industry alongside driving organic growth.

By recycling used paper products into cartonboard for fiber-based packaging, which is in turn recycled at an 85% rate, RDM contributes to the circular economy by decreasing waste, emissions and raw material use. RDM substitutes less sustainable plastic and virgin fiber packaging, thereby increasing the environmental efficiency of its operations.