SHEBOYGAN, Wis.–(BUSINESS WIRE)–Fresh Brands, Inc. (Nasdaq: FRSH – news) today announced the sale of a total of 200,000 shares of its common stock in a private transaction for $3,300,000 (a per share price of $16.50) to two highly respected local investors. The 200,000 shares represent approximately 3.8% of the 5,239,174 shares of the company’s stock outstanding after the sale. Fresh Brands will use the proceeds of the sale to reduce its existing debt and for general corporate purposes.
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“We are very pleased that these highly respected local investors have shown their confidence in and support of our company by making such a significant investment in our future,” said Elwood Winn, President and Chief Executive Officer of Fresh Brands. “We believe that this investment is an endorsement of our strategic plan to aggressively grow our company by acquiring additional brands and expanding our geographic reach to increase our shareholder value over the long-term.”
Fresh Brands, Inc. is a supermarket retailer and grocery wholesaler through corporate-owned retail, franchised and independent supermarkets. The corporate-owned and franchised retail supermarkets operate under the Piggly Wiggly® and Dick’s® Supermarkets brands. Fresh Brands currently has 72 franchised supermarkets, 27 corporate-owned stores, two distribution centers and a centralized bakery/deli production facility. Stores are located throughout Wisconsin and northern Illinois. For more information, visit the company’s Web site: www.fresh-brands.com.
SOURCE: Fresh Brands, Inc.
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