Chilean Firm Buys Majority Stake in The Fresh Market

The Fresh Market, the Greensboro, N.C.-based grocery chain, has a new majority owner. Chilean supermarket operator Cencosud has entered purchased 67% of The Fresh Market Holdings Inc. in a $676 million deal.

First covered by Store Brands’ sister publication Progressive Grocer, the deal is Cencosud’s first venture into the U.S. grocery market. The Fresh Market operates 160 grocery stores across 22 states, and offers a private brand selection as well as prepared foods, flowers and more. Existing shareholders, including the Apollo funds, the Berry family and company management, will retain a minority equity interest in The Fresh Market.

"The agreement also establishes the possibility that through legal mechanisms that are practiced in the United States, after a certain period of time, Cencosud Internacional can reach a 100% stake," the company said in a filing with the Chilean government.

In March, The Fresh Market earned the title of Best Supermarket Brand by USA Today readers, claiming the top spot for the second year in a row.