JANUARY 24, 2007 - Fairway Market, the food super store renowned for offering the highest quality and largest selection of meat, fish, cheese, produce, and specialty items at the most competitive prices, announced today that it is partnering with Sterling Investment Partners of Westport, CT to expand the Fairway experience in the New York metropolitan region.
“Everything about this partnership is exciting, not just for me and my family, but also for the 10 million-plus customers who shop at Fairway annually and the millions who have wanted to for years but have not had the opportunity to do so,” said Howard Glickberg, Fairway’s third generation owner. His grandfather, Nathan Glickberg, opened the original Fairway Market, a fruit and vegetable store, in 1940, where Fairway’s flagship Broadway and 74th Street store now stands.
Earlier this year, Fairway - which does the highest volume sales per square foot of any grocery in the country - opened a 52,000-square foot store in the Red Hook section of Brooklyn, the first food store of its kind in that borough. There are also Fairway Markets at 125th St. and 12th Ave. in Manhattan and in Plainview, Long Island.
“As its slogan says, Fairway is 'like no other market' - not just in New York, but in the country,” said Charles Santoro, a managing partner of Sterling Investment Partners. “Indeed, for more than a half-century, Fairway has been a pioneer in the grocery industry. It is a highly scalable concept driven by the highest quality produce, meats, cheeses, fish, and specialty items, an unparalleled variety of private label products, and a full complement of traditional grocery items - all at extremely competitive prices. It is very exciting to be an integral part of bringing this highly successful business model to a greater segment of consumers throughout the region.”
Through the partnership, which includes an undisclosed ownership stake, Sterling will provide ongoing capital and strategic resources to help Fairway continue to enhance its presence through select new store openings. Glickberg will continue to serve as Fairway's chief executive officer and an owner, and he and his son Dan - the fourth generation of the Glickberg family to be a company owner - will oversee all operations. Harold Seybert, a longtime partner, will also remain an owner, and other top managers will own equity in the business.
“It will be the same Fairway brand, the same Fairway traditions, and the same Fairway experience for consumers. The only difference is that more people throughout the New York metropolitan region will have the opportunity to shop at a convenient Fairway location in the future,” said Howard Glickberg. He noted that Fairway is currently negotiating two leases in the metropolitan area.
Over the past 67 years, Fairway has championed innumerable foods that have become must-haves for those who take food seriously. A made from scratch bakery has an astonishing array of baked goods, as does a separate kosher bakery. The kosher and non-kosher butchers provide tremendous options of meat and poultry, all cut fresh, in the store. Aisles are filled with top brand groceries, including bountiful displays of more than 350 gourmet cheeses, dozens of kinds of freshly marinated olives, and a diverse range of delicious prepared foods. Fairway also operates a growing catering business.
Notable and hard to find foodstuffs are exclusively imported from Europe, South America and many other parts of the globe. Extensive offerings of fine gourmet food products not available elsewhere, complemented by a comprehensive prepared food selection and a complete inventory of grocery items, have provided a unique shopping experience for New Yorkers.
“Every one of Fairway’s key team members is passionate about food,” said Glickberg. “Through travel and extensive research, we seek the best of all artisanal foodstuffs to help people expand their culinary horizons. Most importantly, we will always bring our customers wherever they may be the finest foods available, at the absolute best prices. Our partnership with Sterling Investment Partners ensures that we will continue to do so for the next half-century and beyond.”
About Sterling Investment Partners
Sterling Investment Partners, based in Westport, Connecticut, invests in companies with significant competitive strengths and growth potential. Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value of approximately $5.5 billion, representing over 60 companies. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, and technology-related businesses www.sterlinglp.com.