Supermarket owner Jumbo bought The Fresh Market chain and entered the food business in the United States

The Chilean company Cencosud SA, which manages the Jumbo, Disco and Vea supermarkets in Argentina. A.D the acquisition of 67% of The Fresh Market Holdings, Inc. (“TFMH”). It is a holding company of operating companies that manage the “The Fresh Market” brand, aa premium specialty supermarket chain, with a focus on fresh produce high quality. So, Cencosud enters the North American marketwhere until now it hasn’t worked.

In a letter sent to the Commission for Financial Markets, of Santiago de Chile, the general manager of Cencosud, Matias Videla explained that the operation was carried out “mostly with own resources and with the product of credit agreements with Bank of America, NA and with The Hong Kong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC”), for US $ 150 million from the United States of America ”. “Each, both for a period of 12 months,” the note specified.

In addition, it was reported that following this acquisition, the operating subsidiary of The Fresh Market, Inc. “obtained a loan of US $ 597 million, with a duration of 5 years, with the guarantee of Cencosud SA, granted by a syndicate of banks led by JPMorgan Chase Bank, NA. and the proceeds of which will be entirely used to refinance the current debt of The Fresh Market, Inc “.

The Fresh Market is a premium supermarket chain with a focus on high quality fresh produce and an exceptional and differentiated shopping experience, recognized in 2021 and 2022 by USA Today’s 10 Best Readers’ Choice Awards as “Best Supermarket in America. “, detailed the note signed by the director general of Cecosud.

this chain operates in 22 states of the United Statesmainly Florida, North Carolina (where its headquarters are located), Virginia and Georgia, through 160 stores. It has 10,159 coworkers and its annual gross sales exceed $ 1.9 billion.

As the director of Cencosud points out, “by virtue of this acquisition, Cencosud SA entered the market in the United States of America, a country in which it did not operate until now”. “This acquisition is expected to have a favorable effect on the consolidated results of Cencosud SA, making use of the natural synergies that will exist with this new subsidiaryl which benefits the stability of the currency of the country in which it operates, its deep capital market and access to a market with greater purchasing power, among others, without these effects being precisely quantified as of this date ”, He concluded.