Business

Fresh Market stores sold for $1.3 billion

Posted March 14, 2016 1:00 am

Associated Press

The Fresh Market, a grocery store chain with seven locations in the suburbs, 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 Greensboro, North Carolina-based 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 has nearly 190 stores around the country, including Crystal Lake, Geneva, Glen Ellyn, Kildeer, Lake Forest, Lincolnshire and Wilmette.

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.

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