If you’ve walked into a The Fresh Market lately, you might have noticed it feels a bit different. Maybe it’s the classical music humming in the background or those ridiculously good almond croissants near the front. But behind the curtain, there’s been a massive shift in who actually signs the paychecks.
For years, this North Carolina-born grocer was a family affair, then a private equity plaything. Now? It’s officially the crown jewel of a South American retail empire.
Honestly, the answer to who owns Fresh Market isn't just one name—it’s a story of a Chilean giant taking over the American suburbs. As of late 2025, the transition is complete. Cencosud, one of the largest retail conglomerates in Latin America, now owns 100% of The Fresh Market.
They didn't just buy a stake; they bought the whole house.
The Chilean Takeover: How Cencosud Ended Up in Charge
It started back in 2022. Cencosud (short for Centros Comerciales Sudamericanos) dropped a cool $676 million to grab a 67% majority stake. They partnered with Apollo Global Management at first, but that was always a temporary arrangement.
Fast forward to August 2025, and Cencosud officially triggered the buyout of the remaining 33%.
Why does a company based in Santiago, Chile, care about a specialty grocer in Greensboro? Diversification. The U.S. market is what economists call "defensive." Basically, Americans keep buying expensive cheese even when the economy gets weird. For Cencosud, owning The Fresh Market is their big ticket into the dollar-backed economy.
A Quick Breakdown of the Ownership Timeline:
- 1982: Ray and Beverly Berry open the first store in Greensboro, NC, after being inspired by European open-air markets.
- 2010: The company goes public (TFM on the Nasdaq).
- 2016: Apollo Global Management takes it private in a $1.36 billion deal.
- 2022: Cencosud enters the chat, buying 67%.
- 2025: Cencosud buys the rest for roughly $295 million, becoming the sole owner.
Wait, What About the Founders?
You might be wondering if the Berry family is still in the mix. Ray Berry and his son Brett did stay on as minority shareholders for a while after the Apollo deal, but with Cencosud moving to 100% ownership, the original family ties are mostly sentimental at this point.
The Berrys’ vision is still the DNA of the brand, though. They wanted a store that felt like a "European market" rather than a warehouse. That’s why you see those low shelves and dim lighting. Cencosud knows this is the "secret sauce," and they’ve been smart enough not to turn it into a generic supermarket.
The Leadership Shuffle of 2025
Ownership is one thing, but who is actually running the day-to-day?
In February 2025, Brian Johnson took the reins as President and CEO. He stepped up after Jason Potter left to lead Grocery Outlet. Johnson isn't some outsider; he was the COO since 2020. He’s the guy who navigated the company through the Cencosud acquisition.
His leadership team includes some fresh faces too:
- Emily Turner (Chief Marketing Officer)
- Marcio Ribeiro (Chief Information Officer)
- Revae Embs (VP of Human Resources)
This team is tasked with a pretty wild goal: Cencosud’s CEO, Rodrigo Larraín, has hinted that they think The Fresh Market could eventually triple in size. That’s a lot of rotisserie chickens.
Is the Quality Going to Drop?
This is the question everyone asks when a foreign conglomerate buys a local favorite.
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"Is it going to become another Walmart?"
Probably not. Cencosud operates high-end brands like Jumbo in Chile and Argentina. They understand the "premium" space. If anything, the influx of Chilean capital has allowed The Fresh Market to expand faster than it ever could under private equity.
They currently operate about 172 stores across 22 states. Florida is their biggest playground, followed by North Carolina and Georgia. Under Cencosud, we’re seeing more "curated meal deals" and a heavy push into digital ordering, which was always the brand’s weak spot.
The Money Behind the Magic
Let’s talk numbers for a second because they’re staggering. Cencosud is a monster. We’re talking over 120,000 employees across six countries. They don't just do groceries; they own shopping malls, home improvement stores (Easy), and department stores (Paris).
When they bought the final 33% of The Fresh Market, they did it with their own cash and some smart refinancing. They aren't just "owners"; they are an ecosystem. They’re using The Fresh Market as a laboratory to learn how to sell to Americans, while also bringing some of the US-style "best practices" back to their stores in South America.
What This Means for Your Weekly Grocery Run
So, who owns Fresh Market today? A massive Chilean firm with deep pockets and a long-term growth plan.
What should you expect to see?
- More Stores: Look for them to pop up in the Midwest and further up the East Coast.
- Better Tech: The app actually works now. Expect more "Gourmet to Go" options through the phone.
- Regional Consistency: They are leaning hard into their "Best Supermarket in America" awards from USA Today. They want that title to stick.
The biggest takeaway is that the "private equity" era—where the goal was just to cut costs and flip the company—is over. Cencosud is a retailer, not just a group of bankers. That usually bodes well for the shoppers who just want their fresh-cut flowers and prime rib.
Actionable Insights for Fans of the Brand:
- Watch the Loyalty Program: Cencosud is big on data. If you aren't in the "Ultimate Loyalty Experience," you're missing out on the member-only pricing that Cencosud is using to keep the chain competitive against Publix and Whole Foods.
- Check the "Little Meals": One of the first things the new ownership pushed was the expansion of the "Little Meal" kits. They are high-margin and high-quality, which fits the Cencosud business model perfectly.
- Expansion Areas: If you live in the Northeast, keep an eye out. Cencosud is eyeing growth outside the traditional Southeast stronghold to prove the brand's national viability.
The Fresh Market isn't the small-town shop it used to be in 1982, but under Cencosud, it has more stability than it’s had in decades. The ownership is settled. Now, it's all about whether they can keep that "small shop" feel while growing into a national powerhouse.