Apollo Funds Acquire Tony’s Fresh Market, a Leading Chicago-Based Specialty Grocer
20 April 2022 - 3:00PM
Apollo (NYSE: APO) today announced that funds managed by its
affiliates (the “Apollo Funds”) have acquired Tony’s Fresh Market
(“Tony’s”), a leading Chicago-based grocery retailer. Established
in 1979, Tony’s is a unique specialty grocer that offers
high-quality, affordable groceries with an inclusive assortment
aimed at the diverse communities it serves. A large selection of
fresh produce, extensive multicultural offerings and a wide range
of prepared foods gives Tony’s a differentiated position in the
market.
Today, Tony’s operates 18 stores across the Chicago metropolitan
area with several more store locations currently in development.
Tony’s plays an important role in the local economy and community,
sourcing products from over 400 vendors and providing affordable,
high-quality food to thousands of families. The business has been
family-owned and operated since its founding more than 40 years
ago, and the founding family will partner with Apollo, both in
management roles and as shareholders going forward.
Frank Ingraffia, the CEO of Tony’s and a member of the founding
family, said, “My family has been feeding our communities for
generations and are incredibly excited to partner with Apollo to
build upon that legacy of fresh and healthy food, at an affordable
price and delivered with respect to the many cultures of our
customers.”“Tony’s is a market leader that’s built an incredible
reputation in Chicago, known for its high-quality foods and
differentiated offering that includes international food options
and commitment to customer service,” said Apollo Partner Andrew
Jhawar. “Having spent more than 20 years leading Apollo’s private
equity investments in grocery and retail, I firmly believe the
business is poised for strong organic growth, and together we see
additional opportunities to support Tony’s through go-to-market
execution, customer loyalty programs, e-commerce and more. Tony,
Frank and the broader team have built an incredible business and we
look forward to leveraging our extensive expertise to support their
continued success.”
Joanna Reiss, Apollo Partner and Co-Lead of Impact Investing,
said “We are focused on tackling the persistent challenge of access
to healthy and affordable food, particularly in underserved
communities. With our investment in Tony’s, we are proud to support
a high-performing company that is increasing access to quality,
affordable groceries in a broad swath of neighborhoods as well as
donating to local food banks to fight hunger. We hope to further
strengthen and scale Tony’s, and by doing so achieve strong
financial performance alongside even greater impact.”
Across its platform, Apollo has an extensive and successful
track record investing in grocery companies, including leading
franchises such as The Fresh Market, Sprouts Farmers Market, Smart
& Final, Albertsons and more, through both past and present
fund investments.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal
counsel to the Apollo Funds. Stout Capital, LLC acted as financial
advisor and McDermott Will & Emery LLP acted as legal counsel
to Tony’s Fresh Market.
About ApolloApollo is a high-growth, global
alternative asset manager. We seek to provide our clients excess
return at every point along the risk-reward spectrum from
Investment grade to private equity with a focus on three business
strategies: yield, hybrid and opportunistic. Through our investment
activity across our fully integrated platform, we serve the
retirement income and financial return needs of our clients, and we
offer innovative capital solutions to businesses. Our patient,
creative, knowledgeable approach to investing aligns our clients,
businesses we invest in, our employees and the communities we
impact, to expand opportunity and achieve positive outcomes. As
of December 31, 2021, Apollo had approximately $498
billion assets under management. To learn more,
visit www.apollo.com.
Contacts
For Investors:
Noah GunnGlobal Head of Investor RelationsApollo Global
Management, Inc.(212) 822-0540IR@apollo.com
For Media:
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
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