Tony's Fresh Market, the family-owned Chicago area grocery chain that arrived in North Riverside in 2008 before decamping to the Cermak Plaza in Berwyn a decade later, has been acquired by Apollo Global Management, a New York-based private equity fund. Delivery Pickup unavailable. 403 39th St Ogden, UT 84403 Uber. Tony says the secret ingredient in his sausage is love - and from the . [1] In 2018, the company's market share in the Netherlands was 18 percent, making it one of the country's largest chocolate manufacturers. Tony's Fresh Market is a family owned and operated supermarket chain. Since joining Cardenas, we have made great progress in growing and enhancing our operations with KKRs support, and I am thrilled by the opportunity for our team to now partner with Frank and the Tonys team, leveraging our collective strengths. by Lenie Lectura. [21] However, this award does not measure brands' actual sustainability, rather, it is based on consumers' perceptions of it. The New York-based private equity giant has made prior investments in the grocery sphere, putting down $1.75 billion in Albertsons Companies Inc. in 2020. | Source: 2 minute read. Get news highlights delivered directly to your e-mail inbox. Known for High-Quality, Fresh and Affordable Foods, Tony's Proudly Operates in Traditionally Underserved Communities Across ChicagolandNEW YORK and CHICAGO, April 20, 2022 (GLOBE NEWSWIRE . Cardenas and Tonys have robust positions in the ethnic grocer space and together can leverage best practices across their complementary go-to-market strategies, merchandising, customer loyalty programs and more. Terms of the deal, which closed today, were . The Apollo announcement said family members will continue in management and as shareholders. The same year, the market share of the brand exceeded 4.5 percent in the Netherlands.[10]. Apollo Funds has acquired Tony's Fresh Market in the Chicago area. Rival chain Albertsons' use of a long-term lease option to keep the 65,000-square-foot building vacant delayed Tony's Fresh Market's use of its own purchased property for six years before it could . Apollo reported that several more stores are now in development. Solomon Partners acted as lead financial adviser to Cardenas and KKR. Sign In to access digital coupons or March 02, 2023 5:30 AM. [9] The company responded by immediately switching to a local hazelnut supplier from the Netherlands. Web page addresses and e-mail addresses turn into links automatically. New York-based Apollo said Wednesday that, going forward, Tony's Fresh Market's founding family will remain partners in the business, serving in management roles and as shareholders.. 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. Call Menu Info. 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.. Visiting Tony's Market is a Combination Culinary and Cultural Adventure. Financial terms of the deal, announced late yesterday, werent disclosed. Apollo noted that, under KKRs ownership, Cardenas doubled in size via organic growth and strategic acquisitions. We aim to team up with our local partners to find cures for childhood diseases. Podcast: Whats everyone talking about at NGA? [13], In 2019, Tony's launched their chocolate bars in the United Kingdom, with Sainsbury's, Waitrose, Ocado, Mega Image and Whole Foods being some of the first stores to stock their products. Known as "Old Tony's," Tony's On The Pier is a great place for romantic seaside dining offering the BEST seafood in the South Bay. "Our brands have complementary strengths, and this partnership should give us more tools and expertise to further scale and serve our customers with fresh, healthy and affordable foods.. Chicago-area specialty grocer Tonys Fresh Market has been acquired by affiliates of investment firm Apollo Global Management. Other recent deals involving regional grocers include the acquisition by Raley's of Arizona chain Bashas' and the merger of Northeastern grocers Price Chopper/Market 32 and Tops Markets, both of which occurred last year. The U.S. federal court in South Bend, Indiana stated The Fresh Market trademark is descriptive and therefore weak and not entitled to broad sweeping protection. This is not Apollos first foray into grocery sector investments. The acquisition by Apollo Global Management builds on its grocery investments nationally and locally. Tony's Fresh Market same-day delivery in as fast as 1 hour with Instacart. Stout Capital, LLC acted as financial advisor and McDermott Will & Emery LLP acted as legal counsel to. 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. To learn more about Tony's Charitable Foundation, our events, and ways to give back, please visit our. [2], In 2002, after discovering that almost all of the chocolate produced at the time had links to slave labor, Dutch television producer and journalist Teun van de Keuken began producing programs about abuses within the cocoa industry on his show Keuringsdienst van Waarde. "[13] The Fresh Market was also in trademark disputes with Fresh Market at Roth's"[14] and in 2010 with a Utah-based company named "A Fresh Market". Welcome to our new page Lofaro's Fresh Market formally Great Lakes Fresh Market! Tonys Fresh Market (Tonys) is a family-owned and operated grocery chain in the Chicagoland area. Kroger and Albertsons merger: What lies ahead? Although food retailers got a major sales boost from the pandemic, they still face considerable competition from larger chains and pressure to invest more in digital operations. It's not every day that you walk into someone's home only to find killer dirt bikes on display right the in the living room. Salary information comes from 409 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months. The Fresh Market then became a privately held company and its stock was delisted on NASDAQ. MORE PHOTOS. 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, noted Ingraffia. [1] In 2018, the company's market share in the Netherlands was 18 percent, making it one of the country's largest chocolate manufacturers. On behalf of Tonys Fresh Market wed like to thank our vendor partners, employees, and most importantly our customers for over 40 years of continuous support! North Riverside Village Administrator Sue Scarpiniti said she had reached out to her contacts at Tonys Fresh Market about the future of the North Riverside property to no avail. And Cardenas store count already is slated to grow even before the Tonys combination. 2 min read. Lines and paragraphs break automatically. The founder of one of the nation's most popular restaurants chains is convinced he can make it big in barbecue. We like to think that each and every vendor, employee, and customer that walks through our doors becomes part of the Tonys family. In 2020, Apollo acquired convertible preferred shares in Albertsons representing a 17.5% stake in the company. [20] The company also produces limited edition 'relay' bars for the supermarket chain Albert Heijn, with exclusive flavors corresponding to winter and summer tastes. Together, Cardenas and Tonys will create a supermarket retailer with annual sales of approximately $1.8 billion from 78 stores in three Western states and the Chicago area. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Hispanic and specialty grocers to form leading multi-ethnic food retailer, Growth stands out for Sprouts Farmers Market in Q4, FY 2022, Ahoid Delhaize saves its customers, invests more in digital in 2022, Costco a victim of inflation after mixed Q2 report, Dollar Tree fined over $250K for safety violations, 2023 Informa USA, Inc., All rights reserved, Walmart Health plans to double in size in 2024, Publix caps year of new territory with sound Q4 results, Afresh expands into meat, seafood, deli, and foodservice, Hy-Vee Inc. to pay penalty for violating EPA pesticide order. Situated right on the Pacific Ocean, Tony's offers breathtaking views and a whole lot more. Centennial, CO 80111. The sale of Tony's to Apollo marks the end of an era for the grocery chain, which was started in 1979 by Italian immigrants Tony Ingraffia and Domenico Gambino and has been family run since its inception. Apollos backing of the family-owned operation is the latest in a series of fund investments in the grocery sector, including previous involvements with, The Fresh Market Moves to Go Public Once More, 2nd Doms Kitchen & Market to Open in Chicago This Fall, 15 Outstanding Independents That Dare to Stand Apart, Grocery Outlet to Expand Private Label Assortment, SpartanNash Taps Todd Riksen to Lead Accounting Functions. Toppings: black olives, green olives, green peppers ham, Italian sausage, mushrooms, onions, pepperoni, pineapple, ground beef. The most popular of the three limited editions is then added to the exclusive collection, and sometimes the permanent collection. We cannot stress enough how grateful we are for the support weve received over the years. As a family owned and operated business with over 50 years of experience, Pete's Fresh Market has stayed true to its core values: delivering the highest quality and freshest products at an honest price. IG Riverside LLC bought the North Riverside Park Plaza in September 2007 for $21,750,000 and took out a $17,400,000 mortgage to finance the purchase. According to Apollos announcement of the sale, members of Tonys founding family will partner as both shareholders and as management in the future. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Kathleen Sylvester, Cheese Specialist, Tony's Fine Foods. Last week, Cardenas unveiled a deal to acquire fellow Latino grocer Rio Ranch Market, expanding its Southern California footprint. Were trying to find out about that as well, Scarpiniti said. Apollos supermarket investments over the years have included Albertsons Cos., The Fresh Market, Sprouts Farmers Market and Smart & Final, among others. Bachelor of Business Administration (B.B.A. in March of The Save Mart Companies, which operates supermarkets under several banners in California and Nevada, to private equity firm Kingswood Capital Management. Both companies management partners are identical. Well, that's exactly what you'll see when you walk into this Oxford home that is currently on the market for $1,399,000. Apollo representatives said customers can expect expansion, but declined to comment on the number of potential new stores or where they would be located. Tony's Charitable Foundation gives back to those families through charitable donations. Check out the early Tony's Fresh Market sales ad circular to plan your shopping trip ahead of time to get ready for the new deals! [4] The product quickly became a success, with Van de Keuken selling 20,000 bars in two days. Our staff are courteous and friendly and our restaurants are perfect for romantic or family dining. Having spent more than 20 years leading Apollos 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 Tonys through go-to-market execution, customer loyalty programs, e-commerce and more. Apollo partner Joanna Reiss said the firm is interested in getting healthy and affordable food to underserved communities. Ontario, Calif.-based Cardenas currently operates 59 stores under the Cardenas Markets (51 locations), Los Altos Ranch Markets (seven locations) and Cardenas Ranch Markets (one location) banners in California, Nevada and Arizona. Tony's Fresh Market ("Tony's") is a family-owned and operated grocery chain in the Chicagoland area. [15], In 2021, the company received backlash after the American organization Slave Free Chocolate removed Tony's from their list of ethical chocolate companies. Other recent deals involving regional grocers include the, by Raley's of Arizona chain Bashas' and the. We think we have a good thing going here, and weve done well over the course of 43 years, but when you bring on a partner like Apollo it kind of takes you to the next level., Ingraffia, who began bagging groceries and pushing carts for the family business as a preteen, said Apollo would bring an improvement from the customers standpoint.. That mortgage represented two loans, one of them a capital loan of $37.8 million. The transaction between Tony's and Apollo follows on the heels of the sale in March of The Save Mart Companies, which operates supermarkets under several banners in California and Nevada, to private equity firm Kingswood Capital Management. Today, Tonys operates 18 stores across the Chicago metropolitan area with several more store locations currently in development. 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. 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. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo funds. We are focused on tackling the persistent challenge of access to healthy and affordable food, particularly in underserved communities, stated Apollo partner Joanna Reiss, who serves as the firms co-lead for impact investing. Jhawar said growth could potentially include merger and acquisition opportunities. In addition, Tonys plays a key role in the local economy and communities it serves, sourcing products from more than 400 vendors, Apollo added. PRODUCTS. The company has a market cap of $67.71 billion, a price-to-earnings ratio of -7.18 and a beta of 1.22. Our readers also recommended the Nonna Urbriaca, a traditional pan-baked, thin-crust square pie topped with fresh mozzarella, basil, vodka sauce and olive oil ($20.95). Tony's Pizza. Related: The Fresh Market moves forward with IPO. Start shopping online now with Instacart to get Tony's Fresh Market products on-demand. 2007 - 2011. Tyler Pasciak LaRiviere/Sun-Times A New York private equity firm said Wednesday it has acquired Tony's Fresh Market, a Chicago-area grocery chain with 18 stores. Web page addresses and e-mail addresses turn into links automatically. Apollo also hopes to achieve "strong organic growth" through its management of Tony's, Andrew Jhawar, another partner in the firm, said in the announcement, pointing to the grocer's loyalty programs and e-commerce operations as areas where it intends to invest. Fresh Perimeter Expertise. Chicago-area specialty food grocer Tony's Fresh Market has been acquired through funds managed by global asset company Apollo. 5 things: Do you know about the Aldi Aisle of Shame? The transaction is expected to close by mid-July. Chicago-based specialty grocery chain Tony's Fresh Market has been acquired by Apollo Funds, a collection of funds managed by affiliates of private equity firm Apollo Global Management, according to a Wednesday press release. The Fresh Market is an American chain of supermarkets based in Greensboro, North Carolina. In 2020, the company was named the most sustainable brand in the Netherlands for the third time by the Sustainable Brand Index. Apollo reported that several more stores are now in development. Skip Navigation All stores. This 3,512 sqft modern home was built in 2002 and sits on 21 acres of country awesomeness. The company has also invested in Sprouts Farmers Market, The Fresh Market and Smart & Final. 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