Apollo Global Management agreed to acquire The Fresh Market for approximately $1.36 billion. With the closing of the merger, The Fresh Market will enter into a new $100 million revolving credit facility.

The debt financing is being committed by Barclays, Royal Bank of Canada, Jefferies Finance and Macquarie.

Founded by Ray Berry in 1982, The Fresh Market is a specialty grocery retailer focused on providing high-quality products in a unique and inviting atmosphere with a high level of customer service. As of March 14, 2016, the Company operates 186 stores in 27 states across the United States.

“We are pleased to have reached this agreement with Apollo, which follows a comprehensive review of strategic and financial alternatives that generated interest from numerous parties. After an open and thorough process, our Board concluded that this offer maximizes value for our stockholders,” said Rich Noll, The Fresh Market’s lead independent director.

“We are delighted about this transaction with The Fresh Market, which was one of the early pioneers in small-box grocery, offering unique, delicious and healthy food with a keen focus on perishables,” said Andrew S. Jhawar, senior partner and head of the Retail and Consumer Group at Apollo.

The transaction fully committed financing in place. It will be financed primarily through the incurrence of $800 million in new senior secured notes and an equity contribution of approximately $525 million from funds managed by Apollo in addition to the equity rollover from the Berrys.

J.P. Morgan Securities is serving as the exclusive financial advisor to The Fresh Market. Barclays, RBC Capital Markets, Jefferies and Macquarie Capital are serving as financial advisors to Apollo. Paul, Weiss, Rifkind, Wharton & Garrison is acting as legal advisor to Apollo as it relates to the debt financing.