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New York-based private-equity company Apollo Global Management has finalized a deal with and acquired all of Chicago’s Tony’s Fresh Markets.
Tony’s has been a family-owned grocery store operated by Italian immigrants Tony Ingraffia and Domenico Gambino since 1979. The two worked endlessly to grow the company throughout Chicagoland. Now, customers can find the grocery store in 18 different locations, with three others on the way, including one in Joliet at 1801 West Jefferson St. This investment/ change in ownership comes after Apollo removed itself from an investment in Sprouts Farmers Market.
“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 CEO Frank Ingraffia said in the news release.
As for Apollo, this deepens their connection with Chicago’s grocery industry, recently investing $1.75 billion into Jewel-Osco in 2020. The company, led by billionaire Marc Rowan, plans to keep relations with the founding family and include them in management roles and as shareholders. Ingraffia will step back from day-to-day operations and serve on the board, while his son will continue as CEO.
“When we walked into the Tony’s store and just saw this incredible concept that they’ve developed over 43 years that is focused on meeting the needs of their communities, serving them what is relevant to their cultures, to their traditions, and doing it at an affordable price point, we saw great opportunity,” said Joanna Reiss, partner and co-lead of impact investing at Apollo.