Apollo Funds, an investment and funds-managing firm, is planning to acquire Cardenas Markets. Cardenas Markets is a Hispanic grocer with 59 stores in California, Nevada and Arizona and was previously owned by KKR. The monetary terms of the acquisition deal were not disclosed. Previously, Apollo Funds bought Tony’s Fresh Market. The investment firm will combine it with Cardenas to create a nearly 80-store Hispanic and ethnic grocer and will have around $1.8 billion as combined revenues. Doug Sanders, CEO of Cardenas, will be promoted to serve as chief executive of the combined companies. Frank Ingraffia will continue as CEO of Tony’s.
Full story: GroceryDive
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