BOSTON, Sept. 24, 2026 (GLOBE NEWSWIRE) -- Apis & Heritage Capital Partners (“A&H”), an investment manager specializing in financing employee ownership transactions, today announced it has financed the transition of Tropical Foods, a Roxbury grocery retailer that has served Greater Boston for more than 50 years, to 100% employee ownership. The transaction provides owners Ronn and Randy Garry with a succession plan while giving the employees who helped build the company a stake in its future.
Founded in 1974, Tropical Foods has grown from a neighborhood corner store into one of Boston’s leading ethnic grocery retailers. The company is widely recognized for its extensive selection of African, Caribbean, Latin American, and international food products that draw more than 13,000 customers each week. The purpose-built supermarket offers approximately 27,000 square feet of retail space and features a bakery, deli, seafood department, and an extensive inventory of specialty products sourced from around the world. Through three generations of ownership, the business has established itself as a trusted destination for Boston’s diverse communities and a vital economic anchor in the Roxbury neighborhood.
“Tropical Foods is exactly the type of company we seek to partner with through our employee ownership strategy,” said Todd Leverette, Managing Partner of Apis & Heritage Capital Partners. “The company has built an exceptional reputation over the past five decades by serving its community, creating jobs, and offering products that reflect the diversity of Greater Boston. We’re looking forward to working alongside management and employees to preserve that legacy while building new ownership opportunities for the team.”
A&H will partner with the company’s leadership team to strengthen operations and maintain Tropical Foods’ longstanding commitment to its customers, employees, and community. For the Garry family, that commitment was central to the decision.
“For decades, Tropical Foods has been much more than a grocery store,” said Ronn Garry Jr., Co-Owner of Tropical Foods. “As we considered the future of the business, it was important to find a partner who would honor our history, invest in our employees, and continue serving our community. Becoming 100% employee-owned was important to me and my brother, and we’re proud of what this means for wealth building in Roxbury.”
A&H and its workforce training partner, the nonprofit Democracy at Work Institute (DAWI), will work with Tropical Foods to build an ownership culture that engages all employee-owners, from management to the front lines.
Transaction Partners
BayState Business Brokers, the Needham, Massachusetts-based business brokerage and M&A advisory firm, served as sell-side advisor to the ownership of Tropical Foods. BayState Principal Sarah Grossman, CBI, and broker and industry expert Brian Labonte led the engagement, alongside co-broker Jun Li of HMI Business Services.
The Tropical Foods supermarket sits on Parcel 10 at 450 Melnea Cass Boulevard, a site developed in partnership with Madison Park Development Corporation (“MPDC”), the Roxbury-based community development corporation. MPDC will continue working with Tropical Foods’ new owners to support the market’s success while advancing the next phase of Parcel 10, known as 2085 Washington Street, which is planned to include ground-floor community space and 80 units of affordable housing.
“M&T Bank is proud to provide the financing that helped bring this transaction to life,” said Jonathan Sanchez, Executive Vice President, Regional Head of Commercial Banking at M&T Bank, which provided the real estate financing for the transaction. “Tropical Foods has been an important part of the Greater Boston community for more than 50 years, and this transaction positions the business for continued growth. We’re honored to support a local institution and contribute to the long-term strength of the community.”
A&H also thanks the advisors who guided the transaction to a successful close: Sean-Tamba Matthew and the team at Stevens & Lee, lead counsel to A&H; Sean Nehill of Greenberg Traurig, local counsel to A&H; Bob Maloney of Prince Lobel, counsel to the sellers; and Mark Russell and the team at SES ESOP Strategies, financial advisor to A&H.
“It was a pleasure to work not only with the sellers, but with an outstanding group of partners across this transaction,” said Todd Leverette, Managing Partner of Apis & Heritage Capital Partners. “The team at M&T Bank provided the real estate financing that made this deal possible, and BayState Business Brokers, a second-generation Massachusetts brokerage, brought real care and professionalism to representing a family business at a pivotal moment. We were also glad to work alongside the team at Madison Park Development Corporation, with whom Tropical Foods shares a parcel in the historic Roxbury community, and with the City of Boston, the Boston Planning & Development Agency, and MassDOT, whose partnership was essential to getting this done. It is exciting to bring this investment model to Boston and to Roxbury, and we look forward to creating more employee ownership opportunities across the Boston area in the years to come.”
Tropical Foods joins A&H’s growing portfolio of employee-owned businesses across the United States.
About Apis & Heritage Capital Partners
Apis & Heritage Capital Partners (A&H) is a Washington, DC-based investment manager specializing in financing employee ownership transactions. A&H partners with business owners and management teams to transition lower middle market companies to employee ownership through Employee Stock Ownership Plans (ESOPs). Across Legacy Fund I and Legacy Fund II, A&H’s portfolio includes eight companies employing more than 1,600 workers.
To learn more, visit www.apisheritage.com and follow A&H on LinkedIn.
About Tropical Foods
Founded in 1974, Tropical Foods is a Boston-based grocery retailer serving Greater Boston from its flagship location in Roxbury. The company offers a diverse range of grocery products, including African, Caribbean, Latin American, and international foods, alongside traditional grocery offerings. Tropical Foods serves more than 13,000 customers each week and has been a trusted community institution for more than five decades.
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