By Dave Allison
Tony’s Market, the fresh food outlet with several stores in the Chicagoland area, including the new Joliet location under construction in the old Kmart store at 1801 W. Jefferson Street and in Bolingbrook, Plainfield has just been sold to Apollo Global Management. The New York-based private-equity company has acquired the family-owned business for an undisclosed sum.
According to a press release, Apollo Partner Andrew Jhawar said the founding family will continue to partner with Apollo in management roles and as shareholders. “Apollo wants to help Tony’s to continue to grow by opening new stores and by acquisitions” he said.
Tony’s Market was started on Chicago’s Northwest Side by two Italian immigrants, Tony Ingraffia and Domenico Gambino in 1979.
Co-founder Tony Ingraffia, CEO says he plans to step back from day-to-day operations and serve on the new company’s board. His son, Frank, will continue as CEO.
“My family has been feeding our community for generations and we’re incredibly excited to partner with Apollo to build on that legacy,” said CEO Frank Ingraffia.
Tony’s primary emphasis is on selling fresh produce and grocery items. More than 70% of its business comes from fresh food. Tony’s also made a name for itself by specializing in selling ethnic and international foods geared to the local communities they serve.
“When we walked into a Tony’s store and saw this incredible concept that had been developed over 43 years, we saw a great opportunity,” said Apollo partner Joanna Reiss, who is also co-lead of impacting investing at Apollo.
Reiss said that Tony’s was unique among its competitors because they are “focused on meeting the needs of their communities and serving them what is relevant to their cultures and their traditions.”
Apollo has a history of investing in the Chicago-area grocery chain market. In 2020 the firm invested $1.75 billion into Jewel-Osco parent company, Albertsons.
With the investment, expansion of Tony’s, could this be an opportunity for Joliet residents to obtain a grocery store east of the river? dallison@thetimesweekly.com
