Milbank LLP is advising Cencosud (BCS: CENCOSUD) in connection with its definitive agreement with The Fresh Market Holdings, Inc. (“The Fresh Market”), funds managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO) and certain other parties to acquire 67% of The Fresh Market. The transaction values The Fresh Market at an overall total enterprise value of US $1.568 billion.
The Fresh Market is a premium specialty grocery retailer in the United States with 160 stores across 22 states. Cencosud is one of the largest and most prestigious multi-brand retail conglomerates in Latin America, with operations in Argentina, Brazil, Chile, Peru and Colombia and a diversified portfolio of retail segments, including 915 supermarkets, 108 home improvement and construction stores, 49 department stores, and 67 shopping centers and malls.
“We are pleased to be working with Cencosud on this landmark transaction, which adds to our great number of great M&A transactions in 2022,” said Marcelo Mottesi, Chair of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group.
Global Corporate partner Francisco Nuñez added: “We are proud to be representing a world-class retailer like Cencosud as it enters the United States market and we look forward to continuing to work together.”
The Milbank deal team was led by Global Corporate partners Francisco Nuñez and Neil Whoriskey, Global Capital Markets partner Marcelo Mottesi and Global Corporate associate Bianca Prikazsky. The team also included Global Corporate special counsel John Garces, associates Zachary Young and Jinney Chung and international attorney Manuel Dominguez, Global Capital partner Jonathan Jackson and associate Lisa Angeles, Real Estate partner Erwin Dweck and associate Kevin Mu, Tax partner Max Goodman and associate Benjamin Heller, Executive Compensation partner Mike Shah and special counsel James Beebe, and Antitrust partner Fiona Schaeffer and special counsel Andrew Wellin.
