Apollo Global to buy The Fresh Market for $1.36 bln
Apollo Global Management has agreed to buy The Fresh Market for $28.50 a share or about $1.36 billion. George Golleher, ex-CEO of Smart & Final and Ralphs Grocery Company/Food-4-Less, is also investing in the deal. Fresh Market is a specialty grocery retailer founded by Ray Berry that operates 186 stores in 27 states across the United States. Ray Berry and Brett Berry, who collectively own approximately 9.8% of The Fresh Market’s outstanding shares, are rolling over most of their holdings in the deal with Apollo. The transaction includes a 21-day go-shop where Fresh Market can solicit outside offers. The transaction includes $800 million in new financing and an equity contribution of approximately $525 million Apollo in addition to the equity rollover from the Berrys.
