The Yucaipa Companies LLC to purchase Fresh & Easy
The Yucaipa Companies LLC, a US-based private investment firm, announced that is it purchasing Fresh & Easy Neighborhood Market from United Kingdom-based Tesco PLC.
Fresh & Easy assets include a world-class infrastructure designed to facilitate manufacture and distribution of fresh products to every grocery store daily.
Yucaipa’s purchase is expected to be completed within three months; in the meantime, it is business as usual for most Fresh & Easy stores.
Philip Clarke, chief executive officer of Tesco, said, “The decision we are announcing represents the best outcome for Tesco shareholders and Fresh & Easy’s stakeholders. It offers us an orderly and efficient exit from the US market, while protecting the jobs of more than 4,000 colleagues at Fresh & Easy.”
Ron Burkle, managing partner of Yucaipa, said, “Fresh & Easy is a tremendous foundation. Tesco should be applauded for giving its customers an affordable, healthy, convenient shopping experience. Its dedicated employees and great base of customers give us a solid starting point to complete Tesco’s vision with some changes that we think will make it even more relevant to today’s consumer. We plan on continuing to build Fresh & Easy into a ‘next-generation convenience retail experience,’ providing busy consumers with more local and healthy access for their daily needs.”
Yucaipa is an investment firm that has established a record of fostering economic value through growth and responsible development of companies. Since its founding in 1986, the firm has completed mergers and acquisitions valued at more than $35 billion. As an investor, Yucaipa works with management to strategically reposition businesses and implement operational improvements.