Bronx, NY – FreshDirect, the Northeast’s leading online fresh food grocer, today announced that it closed its sale to Ahold Delhaize, one of the world’s largest food retail groups, and investment firm Centerbridge Partners. The closing occurred today.
Ahold Delhaize and Centerbridge Partners announced on November 18, 2020 that they had entered into a definitive agreement to acquire FreshDirect, based in New York City. With the closing today, Ahold Delhaize acquired the majority share, funded by cash on hand, with Centerbridge Partners becoming a minority equity investor with a 20% stake.
After the acquisition, FreshDirect will operate as an independent unit under its well-known brand name and continue to operate out of its state-of-the-art facility in New York City.
When the sale was announced, David McInerney, FreshDirect’s Chief Executive Officer, said, “This transaction marks an important milestone in the continued growth of FreshDirect. I believe Ahold Delhaize’s global scale, focus on strong, leading local brands, and ability to utilize cost-of-goods synergies, will allow FreshDirect to achieve its full potential.”
“I am very proud of and grateful for the FreshDirect team, thousands of employees who have worked tirelessly over the years to make our company a leader in the field, and so thankful to our loyal and devoted customers, many of whom have been with us since the beginning,” he said today.
McInerney also thanked investors Brightwood Capital Advisors, Maverick Capital, and W Capital Partners. “We are grateful to our investors for their unwavering support and guidance, and their significant contributions to the company’s leadership position and success.”
Sengal Selassie, Managing Partner and Chief Investment Officer of Brightwood, said, “Brightwood has had strong conviction in FreshDirect’s growth potential since our initial investment in 2014 and is proud to have served as a long-term partner through multiple rounds of financing. Over the course of our investment, we have been pleased to support strategic initiatives, such as the company’s geographic expansion and launch of FreshDirect Express, and look forward to watching it continue to flourish under its new ownership.”
David Singer, Managing Partner, Maverick Ventures, added, “We could not be prouder of the FreshDirect team’s commitment to putting its customer first, demonstrated with intensity during the recent pandemic but obvious every day of our 14-year involvement with the company. We are excited that they will be able to amplify this approach as part of the Ahold Delhaize family.”
Katie Stitch, Managing Director of W Capital Partners, said, “It has been a privilege to work alongside FreshDirect’s talented management team as it executed on the transformational promise of offering better, fresher food directly to customers. COVID-19 brought new depth to the mission and W Capital couldn’t be prouder of the dedication shown by FreshDirect’s essential team members, both to its customers and to those in need in our community. We look forward to FreshDirect continuing to deliver an unparalleled offering to a growing number of customers under its new ownership.”
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ABOUT FRESH DIRECT
FreshDirect is a leading online food grocer, delivering directly to customers throughout seven states, including the New York and Philadelphia metropolitan areas, and the District of Columbia. FreshDirect is committed to sourcing the freshest and best-tasting meat, fish, produce, and specialty items through direct relationships with suppliers, growers, and farmers. Launched in 2002 and headquartered in The Bronx, NY, FreshDirect was acquired by Ahold Delhaize and Centerbridge Partners in January 2021. For more information, visit www.freshdirect.com.
