The Fresh Market announced last month that it would be acquired by Apollo Global Management for about $1.36 billion. In addition, The Fresh Market Chairman Ray Berry, along with his son Brett, will roll over “the vast majority” of their company holdings with Apollo. The Berry’s currently own about 9.8% of the company stock.
Apollo had previously owned Sprouts Farmers Market, which is now a leading player in the organic and fresh foods grocery market.
According to reports, The Fresh Market had seen its results suffer in recent years, as demand for fresh offerings at lower prices has hurt higher priced retailers. The company operates 187 stores in 26 states with estimated annual sales of nearly $2 billion.
Supermarket News reported that Apollo would fund the deal with $800 million in new debt and $525 million in new equity, including the Berry’s contribution.