e-News
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Earth Fare has new majority owner |
04.13.2012
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Private equity firm Oak Hill Capital Partners has acquired approximately 80 percent of healthy supermarket chain Earth Fare from Monitor Clipper Partners, in a transaction that values the company at approximately $300 million.
The investment is in partnership with Earth Fare's current management team and Monitor Clipper, which retains a significant minority interest.
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Jack Murphy, CEO of Earth Fare, said, "Earth Fare is extremely excited about the future. We look forward to growing our business with Oak Hill Capital and Monitor Clipper. Oak Hill's experience in high growth retail partnered with our brand, culture and management team is the perfect combination to continue to build a great company."
Tyler Wolfram, a Partner of Oak Hill Capital, said, "Earth Fare is well positioned for expansion given robust consumer demand for natural and organic food, widespread interest in environmental sustainability, and significant market opportunity across the United States. We look forward to working closely with Jack Murphy and the rest of the management team to support Earth Fare's next phase of growth."
Founded in 1975, Earth Fare is one of the largest natural and organic food retailers in the country, with 25 stores across the Southeastern and Midwestern U.S. North Carolina-based Earth Fare is one of the only supermarket retailers in the country to ban high-fructose corn syrup, artificial fats and trans-fats, artificial colors, flavors and preservatives, as well as antibiotics and synthetic growth hormones in fresh meats and dairy. Earth Fare has differentiated itself with the strictest ingredient standards in the industry.
Oak Hill Capital Partners is a private equity firm with more than $8.2 billion of committed capital. Some of its retail investments include The Container Store, Duane Reade and Dave & Buster's restaurants.
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