In a $676 million deal, the Chilean retail chain Cencosud has purchased a majority stake in The Fresh Market. This was made possible through an agreement with funds managed by Apollo Global Management to acquire 67 percent of The Fresh Market Holdings Inc. The grocer operates 160 stores across 22 states.
This transaction will allow Cencosud to enter the U.S. market, leveraging best practices across Latin American businesses to drive success in a new market, accoring to the company. The Fresh Market’s current shareholders, including Apollo Funds, the Berry family, and The Fresh Market will retain a minority equity stake, and the management team and Board of Directors will be retained.
Matias Videla, CEO of Cencosud said in a statement, "The Fresh Market is one of the best supermarkets in the USA…This unique value proposition is a result of the successful strategy executed and the commitment of a team of highly experienced executives led by Jason and Andy. We are very pleased to make our first investment in the American market through a partnership of the prestige of Apollo Global Management with extensive experience in the retail market. Our team is very excited to start working together to accelerate the growth and value of the company."
The grocery store chain has been named the Best Supermarket in America in USA Today’s 10 CBest Readers’ Choice Awards.
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