| |||||||||||||||||||||||
| |||||||||||||||||||||||
The auction of Fresh Market Inc., a family-owned supermarket chain, has hit the second round with bids expected at roughly $800 million, sources said Thursday, May 29. Apollo Management LP, the private equity firm founded by Leon Black, is in the lead, sources said. "It's theirs to lose," one person said. (See full story for the other bidders.)
"It's a super-frothy auction," one source said. Bids are expected in the range of $750 million to more than $800 million, sources said. "They are looking for bids of 10-plus times," one person said. The $800 million price tag is a perfect fit for larger financial sponsors who have problems placing their money, the source said.
The company touts Ebitda of more than $65 million, and it is projected to rise by 20% this year. In April, Fresh Market said it had hired Goldman, Sachs & Co. to explore a sale. It had tried to premarket to strategics but did not receive much interest. Observers said the company is considered more of a regional retailer along the lines of Whole Foods Market Inc. Because of this, strategics such as SuperValu Inc., Kroger Co. and Safeway Inc. had little interest, sources said. -- Luisa Beltran See full story on TheDeal.com See The Deal's Auction Block database Categories Deal Video
    Community
 Elsewhere on The Deal.comDealwatch
The Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||
|
|
|
|
|
©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.
