Apollo Global Management has acquired Tony's Fresh Market for an undisclosed amount. The company's founding family will remain business partners, as both shareholders and a part of the management team.
In 1979, Italian immigrants Tony Ingraffia and Domenico Gambino opened their first location on Fullerton Avenue with only five employees. Now, they operate 17 locations, source products from over 400 vendors, and service thousands of customers daily.
“My family has been feeding our communities for generations and is 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,” said Tony's Fresh Market CEO Frank Ingraffia, son of Tony Ingraffia, in a statement.
Apollo supermarkets have added Tony's Fresh Market to its portfolio of specialty markets, including The Fresh Market, Sprouts Farmers Market, and others. The company is particularly interested in Tony's unique position in the specialty food market, with its multicultural offerings.
“Tony's is a market leader that's built an incredible reputation in Chicago, known for its high-quality foods and differentiated offerings that include international food options and commitment to customer service,” noted 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.” Full Story
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