Ingles Markets Issues Presentation Detailing Material Information Summer Road and Rory Held Have Failed to Disclose to Ingles Shareholders, Including Risks Illustrated by Their Prior Involvement at Peak Resorts
Urges Shareholders to Vote "FOR" ONLY Ingles' Two Highly Qualified Independent Director Candidates – Rebekah Lowe and Dwight Jacobs – on the WHITE Proxy Card
Ingles Markets, Incorporated (NASDAQ:IMKTA) today announced that it has issued a presentation in connection with its upcoming Annual Meeting of Shareholders ("Annual Meeting") scheduled to be held on April 30, 2026. The presentation details material facts that Sacklers' Summer Road LLC ("Summer Road") and its nominee Rory Held have failed to disclose to Ingles shareholders, including risks illustrated by their prior involvement with Peak Resorts.
The full presentation, along with other important materials for Ingles shareholders, can be found here.
Highlights of the presentation issued today include:
Sacklers' Summer Road and Rory Held Are Not Telling Ingles Shareholders the Full Truth About Their Involvement with Peak Resorts and the Damage They Caused
- Through hundreds of entities and opaque SEC disclosures, members of the Sackler family hid their association with Summer Road when they invested in Peak Resorts — just as they have done at Ingles.
- Summer Road and Rory Held never acknowledged they were associated with the Sacklers until Ingles publicly stated it.
Reputational, Governance and Financial Risks Are Created by Associating with the Sacklers
- Sacklers' Summer Road claims that "none of our portfolio companies have ever experienced reputational harm to their business due to our involvement." However, public reporting, elected official commentary, community pushback and consumer boycotts at Peak Resorts tell a different story.
- Summer Road's own principals have testified to the critical business relationships lost and meaningful business risks associated with the Sacklers.
The Sacklers Appear to Have Received Preferential Treatment at Peak Resorts While Their Employee Rory Held Served on the Peak Resorts Board
- Sacklers' Summer Road investment in Peak Resorts was marred with transactions that appeared to have shown preferential treatment to the Sacklers — serving the Sacklers' Summer Road's interests at the expense of all other shareholders.
Summer Road's Investment in Peak Resorts Was All About Short Term Gain – Not Long‑Term Stewardship
- Sacklers' Summer Road characterizes itself as a "long-term" investor, however, its 5.5-year average investment horizon is not long term in the grocery industry.
- Sacklers' Summer Road pats itself on the back, citing profits from their investment in Peak Resorts as a reason Ingles' shareholders should support them. However, Summer Road fails to disclose that these gains were seen as dirty money made on the misery of the people and communities that were harmed by the Sacklers' Purdue Pharma.
Rory Held's Experience is Inflated and His Record at Peak Resorts Shows He's No Champion of Good Corporate Governance
- Throughout their proxy materials, Summer Road and Rory Held attempt to position Rory Held as an "experienced" public company board member. However, Rory Held only has 32 months of public company board service.
- Rory Held serves at the Sacklers' direction. His director compensation at Peak Resorts was paid directly to Summer Road LLC, rather than to him personally.
Ingles urges all Ingles shareholders to protect their investment by voting "FOR" only the Company's director candidates – Rebekah Lowe and Dwight Jacobs – on the WHITE proxy card. Only your latest-dated vote will count!
Ingles' shareholders who have questions or require assistance voting their shares should contact Ingles' proxy solicitor, MacKenzie Partners, Inc.:
Call: 1-800-322-2885 (toll-free)
Email: [email protected]
About Ingles Markets, Incorporated
Ingles Markets, Incorporated is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 197 supermarkets. At March 30, 2026, three of the four stores temporarily closed due to damage sustained in Hurricane Helene remained closed but are expected to reopen in 2026. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers. To learn more about Ingles Markets visit www.ingles-markets.com.
Important Additional Information
This communication relates to the solicitation of proxies by Ingles Markets, Incorporated, a North Carolina corporation (the "Company") in connection with the Company's 2026 annual meeting of shareholders (the "Annual Meeting"). This is a contested solicitation. On April 1, 2026, the Company filed with the Securities and Exchange Commission ("SEC") and began mailing to shareholders of record as of March 12, 2026 a definitive proxy statement and WHITE universal proxy card in connection with the Annual Meeting.
BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S DEFINITIVE PROXY STATEMENT, THE WHITE UNIVERSAL PROXY CARD, AND ANY OTHER PROXY MATERIALS FILED BY THE COMPANY WITH THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION.
Shareholders may obtain the Company's definitive proxy statement, the WHITE universal proxy card, any amendments or supplements thereto, and other relevant documents filed with the SEC free of charge at the SEC's website at www.sec.gov. Copies are also available free of charge on the Company's investor relations website under the "Corporate" tab at www.ingles-markets.com or by contacting Barbara Arnold at [email protected].
The Company, its directors, and certain of its executive officers and employees may be deemed to be "participants" in the solicitation of proxies from shareholders in connection with the matters to be considered at the Annual Meeting. Information regarding the identity of these participants and their direct or indirect interests in the solicitation is set forth in the Company's definitive proxy statement filed with the SEC on April 1, 2026, and may be supplemented in other materials filed with the SEC in connection with the Annual Meeting.
Shareholders are urged to vote "FOR" the Company's director candidates by using ONLY the Company's WHITE universal proxy card. Using any other proxy card will revoke prior voting instructions.
Cautionary Note Regarding Forward-Looking Statements
This communication includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company's expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as "anticipate," "aim," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things: business and economic conditions generally in the Company's operating area, including inflation or deflation; shortages of labor, distribution capacity, and some product shortages; inflation in food, labor and gasoline prices; the Company's ability to successfully implement its expansion and operating strategies; pricing pressures and other competitive factors, including online-based procurement of products the Company sells; sudden or significant changes in the availability of gasoline and retail gasoline prices; the maturation of new and expanded stores; general concerns about food safety; the Company's ability to manage technology and data security; the availability and terms of financing; and increases in costs, including food, utilities, labor and other goods and services significant to the Company's operations. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the SEC, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.
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