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Apollo Global Management Funds Close USD 1.36bn Acquisition of US Retailer The Fresh Market
Thursday 28 April 2016

28 April 2016 - Funds managed by Apollo Global Management, LLC (NYSE: APO) have closed the acquisition of US-based specialty grocery retailer The Fresh Market, Inc. (NASDAQ: TFM) for approximately USD 1.36bn, the companies said.

The USD 28.50 per share all-cash price paid by the Apollo Funds represents a premium of approximately 24% over The Fresh Market's closing share price on 11 March 2016, and a premium of approximately 53% over the 10 February 2016 closing share price, the day prior to press speculation regarding a potential transaction.

This deal follows a review of strategic alternatives undertaken by The Fresh Market board of directors to maximise stockholder value.

The transaction was implemented through a cash tender offer at USD 28.50 per share.

Founded by Ray Berry in 1982, The Fresh Market, Inc. is a specialty grocery retailer focused on providing high-quality products in a unique atmosphere with a high level of customer service.

As of 14 March 2016, the company operates 186 stores in 27 states across the United States.

J.P. Morgan Securities LLC is serving as the exclusive financial advisor to The Fresh Market, and Cravath, Swaine and Moore LLP and Richards, Layton and Finger, P.A. are serving as its legal advisors. Barclays, RBC Capital Markets, LLC, Jefferies and Macquarie Capital are serving as financial advisors to Apollo.

The debt financing is being committed to by Barclays, Royal Bank of Canada, Jefferies Finance and Macquarie, and Davis Polk and Wardwell LLP is serving as their legal counsel.

Morgan, Lewis and Bockius LLP and Morris, Nichols, Arsht and Tunnell LLP are acting as legal advisors to Apollo and Paul, Weiss, Rifkind, Wharton and Garrison LLP is acting as legal advisor to Apollo as it relates to the debt financing.
Details
Date Published: 28/04/2016
Target: The Fresh Market, Inc
Country: USA
Deal Size: 1.36bn (USD)
Sector: Wholesale/Retail
Type: LBO
Financing: Cash
Status: Closed
Vendor:
Buyer: Apollo Global Management
Buyer Advisor: Barclays , RBC Capital Markets, LLC , Jefferies , Macquarie Capital , Morgan, Lewis and Bockius LLP , Morris, Nichols, Arsht and Tunnell LLP , Paul, Weiss, Rifkind, Wharton and Garrison LLP
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