The Fresh Market Holdings is being acquired in a deal that marks its new owner’s entry into the US market.

South American retailer Cencosud has entered into an agreement with Apollo to acquire a 67 per cent stake in the Greensboro, North Carolina-based specialty grocer. Existing company shareholders, including the Apollo Funds, the Berry family and company management, will retain a minority equity interest in The Fresh Market.

Founded in 1982, The Fresh Market has 160 stores across 22 states. Stores average 21,000sq ft and the company reported revenue of $1.93bn in 2021.

Cencosud is one of the largest multi-brand retail conglomerates in Latin America, with operations in Argentina, Brazil, Chile, Peru and Colombia. The group has a diversified portfolio of retail segments, including 915 supermarkets, 108 home improvement and construction stores, 49 department stores, and 67 shopping centers and malls.

“Cencosud has demonstrated that it is a world-class retailer with exceptional margins, and we look forward to sharing best practices across our businesses,” said Jason Potter, Fresh Market CEO. “The Fresh Market has experienced strong financial momentum over the last few years and this partnership with Cencosud will allow the company to further capture market share as we expand our footprint in our core Southeast market and beyond.”