Apollo Global nears deal

NEW YORK: Private equity firm Apollo Global Management LLC is nearing a deal to acquire Fresh Market Inc, a U.S. specialty grocery retailer, for more than $1.3 billion, people familiar with the matter said on Friday.The deal would underscore Apollo's confidence that it can turn around companies in the highly competitive U.S. grocery sector. The New York-based buyout firm's past investments include Sprouts Farmers Market and Smart & Final Stores Inc.

Apollo has prevailed in an auction for Fresh Market with a cash offer of $28.50 per share, and is now finalizing the terms of the deal, one of the people said.

An agreement could be announced as early as Monday, the people added, cautioning it had not yet been finalized and that it was still possible for the deal to be amended or fall apart at the last minute.  Apollo declined to comment, while Fresh Market representatives did not immediately respond to requests for comment.

Fresh Market said in October it had retained investment bank JP Morgan Chase & Co to assist in a review of strategic options, including the potential sale of the company.