On March 14, The Fresh Market, Inc, a specialty grocery retailer and an affiliate of Apollo Global Management, LLC announced that they entered into a definitive agreement, according to which certain funds managed by Apollo, a leading global alternative investment manager, will acquire The Fresh Market for approximately $1.36 billion.
“We are pleased to have reached this agreement with Apollo, which follows a comprehensive review of strategic and financial alternatives that generated interest from numerous parties,” says Rich Noll, The Fresh Market’s Lead Independent Director. “After an open and thorough process, our Board concluded that this offer maximizes value for our stockholders.”
“We are delighted about this transaction with The Fresh Market, which was one of the early pioneers in small-box grocery, offering unique, delicious and healthy food with a keen focus on perishables,” says Andrew S. Jhawar, Senior Partner and Head of the Retail and Consumer Group at Apollo. “We believe there is a significant opportunity to enhance the brand, merchandise offering and price-value combination to make The Fresh Market a primary destination for food shoppers, while at the same time being committed to social responsibility through partnerships with local vendors and communities.”
