Apollo Funds acquires Tony’s Fresh Market, a leading Chicago-based specialty grocer

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NEW YORK and CHICAGO — 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 food retailer . Established in 1979, Tony’s is a one-stop specialty grocer that offers high-quality, affordable groceries with an inclusive assortment aimed at the diverse communities it serves. A wide choice of fresh products, a wide multicultural offer and a wide range of prepared meals give Tony’s a differentiated position in the market.

Today, Tony’s operates 18 stores in the Chicago metro area with several more stores currently in development. Tony’s plays an important role in the local economy and community, sourcing products from over 400 suppliers and providing affordable, high-quality food to thousands of families. The business has been family owned and operated since its founding over 40 years ago, and the founding family will partner with Apollo, both in management roles and as shareholders going forward.

Frank Ingraffia, Tony’s CEO and founding family member, said, “My family has nourished our communities for generations and are incredibly thrilled to partner with Apollo to build on this legacy of fresh, wholesome food, an affordable price. and delivered with respect for the many cultures of our customers.

“Tony’s is a market leader that has built an incredible reputation in Chicago, known for its high quality food and differentiated offering that includes international food options and its commitment to customer service,” said Andrew Jhawar, partner of Apollo. “Having spent more than 20 years leading Apollo’s private equity investments in grocery and retail, I strongly believe the company is poised for strong organic growth, and together we see opportunities. to support Tony’s through go-to-market execution, customer loyalty programs, e-commerce and more.Tony, Frank and the entire team have built an amazing business and we look forward to leveraging our extensive expertise to support their continued success.

Joanna Reiss, Apollo Partner and Co-Head of Impact Investing, said, “We are focused on solving the persistent challenge of access to healthy and affordable food, especially in underserved communities. With our investment in Tony’s, we’re proud to support a high-performing company that improves access to quality, affordable groceries in a wide range of neighborhoods and donates to local food banks to help alleviate hunger. . We hope to continue to strengthen and evolve Tony’s and, in doing so, achieve strong financial performance while having an even greater impact.

Across its platform, Apollo has a long and successful track record of investing in grocery businesses, including leading franchises such as The Fresh Market, Sprouts Farmers Market, Smart & Final, Albertsons and more. again, through 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 advisor to Tony’s Fresh Market.

About Apollo
Apollo is a high growth global alternative asset manager. We seek to provide our clients with excess return at every stage of 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 on our fully integrated platform, we meet the retirement income and financial return needs of our clients, and we offer innovative capital solutions to companies. Our patient, creative and knowledgeable approach to investing aligns our clients, the companies we invest in, our employees and the communities we impact, to expand opportunities and achieve positive results. As of December 31, 2021, Apollo had approximately $498 billion in assets under management. To learn more, visit www.apollo.com.

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