Apollo Global Management says it's buying specialty grocery store chain Fresh Market Inc. for $1.36 billion in a deal that adds a premium of more than 20 percent to Fresh Market's closing stock price last week.

Based in Greensboro, N.C., the Fresh Market company was founded by Ray Berry; he and his son Brett together own nearly 10 percent of the company.

From a statement by Apollo Global Management:

"The $28.50 per share all-cash offer by the Apollo Funds represents a premium of approximately 24 percent over The Fresh Market's closing share price on March 11, 2016, and a premium of approximately 53 percent over the February 10, 2016 closing share price, the day prior to press speculation regarding a potential transaction."

According to Apollo, Fresh Market has more than 13,000 employees and operates 186 stores in 27 states, with its strongest presence in the Southeast and mid-Atlantic regions.

Fresh Market carried out an IPO in November of 2010; after a secondary stock offering in 2012, several of the company's leaders and members of Berry's family sold shares that collectively were worth more than $560 million.

In October, Fresh Market announced that it was reviewing its options and strategies for coping with a tight market and slumping sales. Earlier this year, news emerged that the Kroger Co. was interested in acquiring the smaller chain.

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