Connect with us

Headlines

Specialty Grocer with Stores in 22 States Acquired for $676M

A South American retail conglomerate has purchased a 67% stake in the company

mm

Published

on

Cencosud, the largest retail group in Chile, has agreed to acquire a majority stake in The Fresh Market (Greensboro, NC), a specialty grocer with stores in 22 states.

Cencosud will spend $676 million to purchase 67% of the grocer from Apollo Funds, an affiliate of Apollo Global Management. Existing Fresh Market shareholders, including Apollo, the Berry family and company management, will retain a minority equity interest in company.

“Looking ahead, [The Fresh Market] has a tremendous new store growth opportunity that Cencosud’s investment can accelerate, and we look forward to working closely with … the Cencosud team in helping to drive continued value creation,” Apollo Partner Andrew Jhawa said.

Founded in 1960, Cencosud operates more than 1000 supermarkets, department stores, home improvement stores and shopping malls across Argentina, Brazil, Chile, Colombia and Peru.

The Fresh Market, founded in 1982, operates 160 locations with an average store size of about 21,000 square feet. The grocer is currently in the process of going public again after being publicly listed from 2010 to 2016.

Advertisement

Advertisement

FEATURED VIDEO

NASC Media Spotlight

At first it was just an idea: Animal supplements needed the same quality control that human-grade supplements receive. But that was enough to start a movement and an organization —the National Animal Supplement Council — that would be dedicated to establishing a comprehensive path forward for the animal supplements industry. In this Media Spotlight interview, NASC’s president, Bill Bookout, talks to PETS+ interviewer Chloe DiVita about the industry today: Where it’s headed, what’s the latest focus and why it’s vital to gain the involvement of independent pet product retailers.

Promoted Headlines

Most Popular