Private equity player Apollo Funds has announced that it will acquire Cardenas Markets, a 59-store Hispanic grocery chain operating in the Southwest, from KKR.
Apollo said it plans to combine Cardenas Markets with a previous acquisition, Chicago-based Tony's Fresh Market, to create one of the largest Hispanic grocery chains in the US with a total of nearly 80 stores generating about $1.8B in total revenues.
Terms of the acquisition, which is expected to close by the third quarter, were not disclosed.
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