The Fresh Market grocery chain gets new owner

GLEN ELLYN – The Fresh Market store at 285 Roosevelt Road in Glen Ellyn is getting a new owner.

The grocery chain has agreed to be acquired by funds managed by affiliates of Apollo Global Management, a leading global alternative investment manager. The deal is worth about $1.36 billion, according to a news release from The Fresh Market.

“We are excited about this transaction with Apollo, which recognizes the value of The Fresh Market’s strong brand and significant growth prospects while providing stockholders with an immediate and substantial premium,” The Fresh Market President and CEO Rick Anicetti said in the release. “Apollo is a highly-regarded investor, bringing deep industry expertise and financial resources, and we look forward to working with them to build on our progress in achieving our strategic plan to deliver long-term profitable growth.”

Andrew Jhawar, senior partner and head of the retail and consumer group at Apollo, said in the release that the move will offer new opportunities.

“We are delighted about this transaction with The Fresh Market, which was one of the early pioneers in small-box grocery, offering unique, delicious and healthy food with a keen focus on perishables,” he said. "We believe there is a significant opportunity to enhance the brand, merchandise offering and price-value combination to make The Fresh Market a primary destination for food shoppers, while at the same time being committed to social responsibility through partnerships with local vendors and communities."