The Yucaipa Companies LLC, a U.S. based private investment firm, has announced that is it purchasing Fresh & Easy Neighborhood Market from United Kingdom based Tesco PLC.
The Fresh & Easy assets include a world class infrastructure designed to facilitate the manufacture and distribution of high-quality, fresh products to every store, every day. This capability gives Fresh & Easy the ability to provide the highest level of freshness and convenience available.
Yucaipa's purchase is expected to be complete within three months, in the meantime it is business as usual for most Fresh & Easy stores, which are known for thier strong portfolio of store brands.
Philip Clarke, CEO of Tesco, said, "The decision we are announcing today 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 their 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."