Retailers

The Fresh Market Calls Off Its IPO

The retailer initially sought to raise $100 million with its go-public offering but withdrew its plans.
The Fresh Market
Photo courtesy The Fresh Market

The rollercoaster-esque IPO saga of The Fresh Market Holdings is now very much off-again.

The Greensboro, N.C.-based upscale grocer on Wednesday submitted notice to the Securities and Exchange Commission to withdraw its initial public offering plans, originally filed almost exactly a year ago.

“The Company submits this request for withdrawal as it does not intend to pursue the contemplated public offering of the securities covered by the Registration Statement at this time,” the chain said in its filing.

The Fresh Market provided no reason for the withdrawal of its plans, which had sought to raise up to $100 million.

Companies across many segments, however, have shelved IPO roadmaps amid the ongoing war in Ukraine and looming recession fears at home.

Earlier this month, Panera Bread and restaurateur Danny Meyer tossed out their SPAC-enabled reverse merger plans, citing “deteriorating capital market conditions.”

The Fresh Market may have found it could do without the risk of going public.

In May, South American retail conglomerate Cencosud said it would pay $676 million to take a 67% stake in 160-unit The Fresh Market.

The Fresh Market had been a publicly traded company from 2010 to 2016, before being taken private by Apollo Global Management in a $1.36 billion deal, along with an investment from its founder and his family.  

The Fresh Market describes itself as the destination for those looking to discover “the best,” including convenient, restaurant-quality meals, hand-picked produce, premium baked goods, fresh-cut flowers, custom-cut meats and curated offerings for holidays and special occasions.

 

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