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Fresh Market to be bought by Apollo for more than $1.3B

Posted: 8:51 AM, Mar 14, 2016
Updated: 2016-03-14 09:29:30-04
Fresh Market to be bought by Apollo for more than $1.3B

NEW YORK (AP) — The Fresh Market, a grocery store chain, has agreed to be acquired by private equity firm Apollo for more than $1.3 billion.

The deal, which is expected to close in the second quarter, comes after Fresh Market said in October that it was seeking to possibly sell itself.

Apollo said Monday that it is paying $28.50 for each share of Fresh Market, a 24 percent premium of the stock's closing price of $22.98 on Friday.

Fresh Market, based in Greensboro, North Carolina, has nearly 190 stores around the country. Apollo's holdings include Twinkie maker Hostess and the Chuck E. Cheese restaurants. Apollo is based in New York.

Shares of The Fresh Market Inc. soared $5.44, or 23.7 percent, to $28.42 in premarket trading Monday while Apollo Global Management LLC shares gained 94 cents, or 5.6 percent, to $17.85.