Apollo Funds Announces Plans to Acquire Cardenas Markets; Doug Sanders, Andrew Jhawar, and Joanna Reiss Detail
NEW YORK - Shortly following our last update, more acquisition news has hit the wire from Cardenas Markets. This time, Apollo Funds has revealed plans to acquire the grocer, utilizing investment funds affiliated with global investment firm KKR. Following this deal, Apollo Funds will combine Tony’s Fresh Market with Cardenas Markets to elevate its footprint as a leading Hispanic grocer.
“Since joining Cardenas, we have made great progress in growing and enhancing our operations with KKR’s support, and I am thrilled by the opportunity for our team to now partner with Frank and the Tony’s team, leveraging our collective strengths. Together, as two of the highest-quality Hispanic and ethnic grocers, we can deliver even greater value to the communities we serve,” Doug Sanders, Chief Executive Officer of Cardenas said. “Apollo private equity has an extensive, best-in-class track record of success in food retail, and I am thrilled to partner with Andy Jhawar, and the Apollo team again in this exciting next chapter for Cardenas. I would also like to thank KKR, which has been a tremendous strategic partner over the past six years, helping us grow and professionalize the business.”
Upon completion of the transaction, the two companies will continue to operate under their respective brands and local leadership, while benefiting from greater scale, complementary capabilities, and an expanded operating footprint, according to a press release. The combined Cardenas-Tony’s footprint will include nearly 80 stores, with approximately $1.8 billion in combined revenues.
“Cardenas has grown significantly over the last several years under Doug’s leadership, and we are excited to accelerate its growth in combination with Tony’s in this next phase,” Andrew Jhawar and Joanna Reiss, Apollo Private Equity Partners, said.
As a result of the acquisition, Sanders will serve as CEO of the combined company and Cardenas chain, while Frank Ingraffia will continue to serve as the CEO of the Tony’s chain. The transaction is subject to customary closing conditions and is expected to be completed by Q3 2022.
To read more about this strategic grocery agreement, click here.
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