Sterling buys iconic New York grocer(2)

Connecticut-based Sterling Investment will help Fairway Market expand its franchise.

Westport, Connecticut-based Sterling Investment Partners, has acquired a majority stake in Fairway Market, a New York “food super store”, for an undisclosed amount.

The company’s owners, original founders and management team will maintain a stake in the company, Sterling said in a statement.

Nathan Glickberg founded Fairway Market in 1940. The first location, originally a fruit and vegetable stand, remains located on Manhattan’s Upper West Side. Glickberg’s grandson Howard currently owns the company, which has evolved into a specialty grocer that provides meats, cheese, fish, produce and specialty items. Today Fairway also has a location in Harlem, as well as another store in Plainview, Long Island. The company opened a new store in Brooklyn’s Red Hook neighborhood last year. The company plans to expand further, the statement said.

“It will be the same Fairway brand, the same Fairway traditions and the same Fairway experience for consumers,” Howard Glickberg said in the statement. The only difference is that more people throughout the New York metropolitan region will have the opportunity of shopping at a Fairway location in the future.”

Founded by managing partners Charles Santoro, William Selden, Douglas Newhouse and M. William Macey in 1991, Sterling has approximately $6 billion in assets under management. The firm specialises in the professional and business services, manufacturing, transportation and logistics, retail and technology industries.

Earlier this month, Sterling joined Citigroup Private Equity to acquire Educate, a provider of supplemental education products to students in pre-Kindergarten through 12th grade, for approximately $545 million.