NEW YORK — Fairway Market parent company Sterling Investment Partners said the local food retailer has completed a $114 million debt financing.
The financing, led by Credit Suisse Securities (USA) and Jefferies Finance, will be used to repay existing bank debt and fund future store expansion, Sterling said.
Fairway operates five high-volume grocery stores in the New York metropolitan area and has begun construction on three new locations slated to open in the next 18 months, including one in Pelham, N.Y., this spring.
“Fairway has compelling growth opportunities as its stores appeal to a wide variety of customers, and Fairway is enthusiastically embraced by those new communities we target,” said Charles Santoro, managing partner and co-founder of Sterling and chairman of Fairway. “This financing, together with Sterling's significant equity investment, provides Fairway with additional growth capital to support its exciting store-opening initiatives.”