The Fresh Market considering company sale
The Fresh Market considering company sale
The Fresh Market Inc., a growing specialty grocery retailer, is conducting a strategic and financial review of its business that could result in a sale of the company. The Fresh Market said the review could also result in the company continuing to pursue value-enhancing initiatives as a standalone company or capital structure optimization.
“The company recently announced the appointment of Rick Anicetti, a seasoned leader with significant experience and success operating grocery businesses in highly competitive environments, as president and chief executive officer," Rich Noll, the company’s lead independent director, said in a press release. "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. An update on these findings will be provided when the company reports its third quarter fiscal 2015 earnings in November.
"The board of directors has determined, consistent with its obligations to the company and its stockholders and together with the work being done by management, that it is also prudent to conduct a strategic and financial review of the business focusing on the company’s and its stockholders’ best interests,” he said.
The company said there can be no assurance that this strategic and financial review will result in any specific action. In the event that the board of directors concludes that pursuing any potential strategic alternative is in the best interests of the company and its stockholders, any such process will be conducted in a manner designed to maximize value for all stockholders.
The Fresh Market said it does not intend to comment further regarding the strategic and financial review until the board of directors approves a specific action or concludes its review.
The company 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.