Specialty grocery chain Fresh Market is starting the week with a new owner: Apollo Management Group agreed to acquire the chain for about $1.36 billion in cash over the weekend. 

Reuters reports that the offer, which works out to about $28.50 per share, comes weeks after Apollo was first rumored to be in talks to purchase the North Carolina-based company.

Fresh Market said its board unanimously approved the deal, with the exception of chairman and founder Ray Berry, who recused himself from discussions.

The chain, which operates 183 stores in 27 states, has seen slumping sales in recent months as specialty grocers have struggled to compete with larger big box stores like Walmart, Reuters reports.

Apollo expects the deal to close at the end of the second quarter of the year.

This is the second recent transaction for Apollo Global Management. The private equity firm recently announced it would provide a financial lifeline to unrelated Apollo Education Group — the owner of for-profit college University of Phoenix and other schools — earlier this year with the aim of taking the schools private.

Apollo Global to buy grocery chain Fresh Market for $1.36 billion [Reuters]

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