September 5, 2025

Milbank Advises Cencosud on Its Acquisition of Remaining 33% Stake in The Fresh Market

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Milbank LLP is advising Cencosud S.A. (Santiago Stock Exchange: CENCOSUD) in connection with its acquisition of the remaining 33% stake in The Fresh Market Holdings, Inc. (“The Fresh Market”) that it does not currently own from funds managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO) and certain other persons for $295 million. Closing of the transaction is subject to the satisfaction of certain conditions precedent. Upon closing of the transaction, Cencosud is expected to become the owner of 100% of The Fresh Market.

Headquartered in North Carolina, The Fresh Market is a premium specialty grocery retailer that currently operates 172 stores across the United States and has been recognized as “America’s Best Supermarket” by USA Today for four consecutive years. Cencosud is one of the largest and most prestigious retailers in Latin America and has operations in six countries, over 120,000 employees and 1,510 stores. In 2022, Cencosud acquired a 67% stake in The Fresh Market.

The Milbank deal team was led by Corporate/M&A partners Francisco Nuñez and Scott Golenbock, Corporate Finance and Securities Group partner Marcelo Mottesi and Corporate/M&A associate Tim Terhaar. The Milbank team also included Executive Compensation partner Mike Shah and special counsel Jameson Frazier and Antitrust partner Fiona Schaeffer and special counsel Alexis Brown-Reilly.