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Berkeley, Calif.-based Andronico’s Community Markets’ bankruptcy proceeding ended Oct. 27 with the sale of its assets to an affiliate of Renovo Capital for $16 million. The sale allows the remaining six specialty supermarkets to continue to operate, preserving the jobs of more than 330 employees.

“I want to thank our loyal customers, our committed employees and our faithful vendors who have worked with us through this difficult chapter in the company’s history,” said Bill Andronico, a third-generation member of the family that founded the markets. “Renovo Capital’s purchase will allow us to improve our standing in the market and build on the strong brand my family has built over three generations.”

Andronico’s, founded in 1929 on Berkeley's Solano Avenue, filed for Chapter 11 bankruptcy to affect a sale of the company’s assets to Renovo Capital. The Oakland division of the U.S. Bankruptcy Court for the Northern District of California approved the sale last week and the closing of the transaction occurred on Oct. 27.

On Oct. 28, Andronico’s stores re-opened under new ownership and “as a new company committed to continuing its strong customer service and exemplary specialty products,” according to a statement.  Renovo says it will invest in updating the stores’ infrastructure, and key members of Andronico’s executive management team will be retained to manage the company and its operations.

Andronico’s operates three stores in Berkeley and in San Francisco, San Anselmo and Los Altos.  Back in 2003, the family owned specialty market was named as one of The National Association for the Specialty Food Trade’s Retailers of the Year.

 “The acquisition of the Andronico’s brand was based on its market cache, and in combination with Renovo’s ability to invest in the stores and employees, we want to ensure that Andronico’s continues its commitment to excellence and delivering value to our customers for generations to come,” said Scott Lavie of Renovo Capital…“Its continued innovations with specialty products and presentation have made the markets stand out in a highly competitive business and its new ownership has every intention to continue that tradition.”