The Fresh Market, an Apollo-backed fresh food grocer with over 150 stores in 22 states, withdrew its plans for an initial public offering on Wednesday. It originally filed in July 2021 with an estimated deal size of $250 million. This past May, it was reported that Chilean retail group Cencosud would acquire a majority stake in The Fresh Market, valuing the company at $676 million.
The Fresh Market provides high quality, fresh foods and difficult-to-find items in a small, intimate store footprint with high-touch guest service and exceptional cleanliness. The company maintains a supply chain and distribution partners that allow it to deliver food from farm to shelf in 14 days or less. It also has a dedicated team that sources local products to ensure differentiation from conventional retailers. The company went public in March 2011, raising $290 million, before it was acquired and taken private in 2016 by Apollo Global Management for $1.4 billion.
The Greensboro, NC-based company was founded in 1981 and booked $1.9 billion in sales for the 12 months ended October 31, 2021. It had planned to list on the Nasdaq under the symbol TFM. Credit Suisse, BofA Securities, Barclays, Deutsche Bank, RBC Capital Markets, BMO Capital Markets, Guggenheim Securities, and Apollo Global Securities were set to be the joint bookrunners on the deal.
