Chicago-centered grocery retailer Tony’s Clean Market has been acquired by Apollo Funds, according to an April 20 statement from Apollo World Management Inc.
Tony’s, which was launched in 1979 by Italian immigrants Tony Ingraffia and Domenico Gambino, operates 18 merchants in the Chicago space. The grocery retailer, which prides alone on sourcing goods from around 400 vendors to give cost-effective, superior-high-quality items, also has much more spots prepared.
“My family has been feeding our communities for generations and are amazingly excited to lover with Apollo to create upon that legacy of new and healthier food items, at an reasonably priced price and shipped with respect to the many cultures of our prospects,” Tony’s CEO and a member of the founding relatives Frank Ingraffia said in a assertion.
Apollo’s backing of the family members-owned operation is the latest in a collection of fund investments it has created in the grocery sector, together with including foremost franchises this sort of as The New Market place, Sprouts Farmers Sector and Intelligent & Last by both of those past and present fund investments. As of 2021, Apollo stated it had about $498 billion property less than management.
“Tony’s is a current market leader that’s crafted an remarkable popularity in Chicago, recognised for its higher-high quality food items and differentiated offering that contains intercontinental foodstuff options and dedication to buyer company,” Apollo Companion Andrew Jhawar reported in a statement. “Having expended extra than 20 several years main Apollo’s non-public fairness investments in grocery and retail, I firmly feel the organization is poised for robust natural expansion, and collectively we see additional options to help Tony’s through go-to-current market execution, customer loyalty programs, e-commerce and far more.”
Loved ones-owned and operated since its founding more than 40 yrs in the past, Apollo mentioned in a statement that the founding family will partner with Apollo, both equally in management roles and as shareholders, likely forward.
“Tony, Frank and the broader workforce have created an outstanding small business, and we appear ahead to leveraging our extensive knowledge to guidance their ongoing results,” Jhawar explained in a assertion.
Apollo associate Joanna Reiss, who is co-direct of effect investing, stated nutritious and very affordable food stuff is Apollo’s focus. “With our expense in Tony’s, we are happy to support a higher-carrying out business that is growing obtain to high quality, cost-effective groceries in a broad swath of neighborhoods as perfectly as donating to regional food items financial institutions to fight starvation. We hope to even further reinforce and scale Tony’s, and by doing so realize sturdy fiscal performance along with even increased effect,” Reiss mentioned in a assertion.