MWA: Murray Wise Associates

Joe Caputo & Sons, Inc.

Role: Exclusive Agent of Seller
Seller: The Caputo Group
Buyer: Piggly Wiggly Midwest LLC

Joe Caputo & Sons, Inc., Joe Caputo & Sons Produce – Palatine, Inc., Joe Caputo & Sons – Algonquin, Inc., Randall Partners, LLC., Foxfire Partners, LLC., Oaks SC Partners (collectively “the Caputo Group”) is a family owned grocery chain that operated six stores specializing in high quality fresh fruits and vegetables and Italian specialties. The stores operated from three large Northwest Suburban Chicago retail locations owned by the Caputo Group and various other leased properties.

On February 9th, 2016, The Anthony Marano Company filed an action in United States District Court For The Northern District of Illinois Eastern Division to enforce their rights under the provisions of the Perishable Agricultural Commodities Act. Immediately after the filing a temporary restraining order was obtained whereby Robert Marcus, Esq. was appointed as trustee/receiver (“Trustee”) to operate the entities on behalf of all creditors.

Transaction Description

Shortly after the Trustee appointment, Murray Wise Associates, (“MWA”) in cooperation with Paine Wetzel Associates (“PW”) and Heath Industrial, (“Heath”) were hired to market the assets of the Caputo Group on behalf of the creditors. During the marketing process the Trustee closed down three stores and continued operating the other three stores with over 275 employees, consistently grossing over $1,000,000 in weekly business during the four month period. Due to the large scale of the ongoing day-to-day operations, MWA and PW were requested to conduct an expedited sale of the main real estate assets and operating stores at public auction. The auction brought a final sale price of approximately $33 Million. Other excess equipment from the closed stores brought close to $300,000 at two subsequent online and live Heath auctions.