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.
In announcing the acquisition, Apollo described Tony’s as a “unique specialty grocer” and noted that the chain holds a “differentiated position in the market” with its wide assortment of fresh produce, prepared foods and multicultural offerings.
“Tony’s is a market leader that’s built an incredible reputation in Chicago, known for its high-quality foods and differentiated offering that includes international food options and commitment to customer service,” according Apollo partner Andrew Jhawar.
Jhawar told the Chicago Tribune that Tony Ingraffia will be a shareholder and board member, and that Tony and Frank Ingraffia and some other family members will have “a significant equity investment” in the company.
“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 firm’s co-lead for impact investing.