Fairway Market

bankrupt

Retail / Grocery — Sterling Investment Partners

Deal Terms

Entry Year2007

Entry EV$0.137B

Entry Multiple6x

Leverage6x

Debt Amount$0.3B

Outcome

Exit Year2020

Risk Metrics

LTV (est.)219%

Debt / EV2.19x

Notes

Sterling bought for $137M, loaded $300M in debt via aggressive expansion. IPO'd 2013 — stock cratered. Bankrupt 2016 (first time). Bankrupt AGAIN 2020. NYC's beloved grocer destroyed by PE-fueled overexpansion outside core Manhattan market. Sterling extracted dividends before collapse.

Sponsor

Partners Group$185B AUM