According to the website progressive grocer, Private equity firm Oak Hill Capital Partners has acquired an 80 percent interest in Fletcher, N.C.-based Earth Fare from Monitor Clipper Partner, a Cambridge, Mass.-based equity firm.
The transaction values the natural and organic food supermarket at approximately $300 million. Oak Hill Capital is investing in partnership with Earth Fare’s current management team and Monitor Clipper, which retains a minority interest.
Founded in 1975 in Asheville, N.C., Earth Fare has 25 stores across the Southeastern and Midwestern United States. The natural and organic food retailer is known for its strict ingredient standards, banning high-fructose corn syrup, artificial fats and trans fats, artificial colors, flavors, and preservatives, as well as antibiotics and synthetic growth hormones in fresh meats and dairy.
Oak Hill Capital also own the drug store chain Duane Reed and Travel Centers of America, a chain of truck-stop gas and convenience stores.