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Fresh Market Founder, Family and Execs to Sell 10M Shares

Last updated on August 16th, 2012 at 11:50 am

The Fresh Market Inc. founder Ray Berry and six other existing stockholders are selling off about 10 million shares of common stock, reducing their ownership stakes, The Business Journal reports.

According to a Securities and Exchange Commission filing from the Greensboro-based specialty grocer, the selling stockholders include Berry; his son Brett Berry, the former CEO of the company; and other members of the family and the company’s top executive team.

The Fresh Market will not receive any of the proceeds from the offering. Morgan Stanley & Co. LLC will act as sole underwriter for the offering. Five of the selling stockholders have agreed to grant Morgan Stanley an option to purchase an additional 1.5 million shares of common stock.

Ray Berry currently is chair of the company’s board, while Brett Berry is vice chair. The sale would reduce their direct ownership stake from about 10 percent each to between 4 and 5 percent.

Michael Barry, the Fresh Market’s former CFO and the son-in-law of Ray Berry, seeks to sell the largest number of shares—four million. That would reduce his direct ownership stake from 16 percent to between 6.4 and 7.6 percent. Barry served on the board of directors for the company from June 2001 until August 2011.

The filing did not state why the seven stockholders want to sell off the shares. The other stockholders selling shares are: Winston Berry, Brett Berry’s wife; Amy Barry, daughter of Ray Berry and wife of Michael Barry; Lisa Klinger, the company’s EVP and CFO; and Randy Kelley, The Fresh Market’s SVP for real estate and development.

The Fresh Market, which saw shares close at $55.24 on Friday, reported a 43 percent increase in net income during the first quarter, the Journal reports.




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