The Fresh Market Hires Legal Advisors; Conducting Strategic Review

The Fresh Market Hires Legal Advisors; Conducting Strategic Review

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GREENSBORO, NC – After rumors spread that The Fresh Market was considering a potential sale, the company announced today that it is conducting a “strategic and financial review” of the business.

In the announcement, The Fresh Market stated that this review could result in one of three options, according to a press release:

  • Continue pursuing value-enhancing initiatives as a standalone company
  • Capital structure optimization
  • A sale of the company or other business combination

The Fresh Market has retained J.P. Morgan Securities LLC as its financial advisor and Cravath, Swaine & Moore LLP and Richards, Layton & Finger, P.A. as its legal advisors to assist in this process, according to a press release. 

The Fresh Market

Last week, The Fresh Market’s shares jumped approximately 7.8 percent after reports of the discussions hit the wire. Reuters reported that Ray Berry, Founder and Chairman of The Fresh Market, was seeking support from additional private-equity firms, and could team up on a deal with son-in-law and 6.4 percent owner Michael Barry.

In September, specialty grocery retailer named retail veteran Rick Anicetti as its President and CEO.

Rich Noll, Lead Independent Director, The Fresh Market“Since joining the company, Rick and his team have been working to identify and execute on opportunities to improve the company’s sales growth and to drive operational efficiencies,” said Rich Noll, Lead Independent Director. “An update on these findings will be provided when the company reports its third quarter fiscal 2015 earnings in November.”

The Fresh Market concluded that it does not intend to comment any further regarding the strategic and financial review until the Board of Directors approves a specific action or concludes its review.

Stay tuned to AndNowUKnow as we continue to follow this potential sale.

The Fresh Market