M&A Deal Summary

Apollo Global Management Acquires Cardenas Markets

On June 14, 2022, asset manager Apollo Global Management acquired retailer Cardenas Markets from KKR

Acquisition Highlights
  • This is Apollo Global Management’s 9th transaction in the Retail sector.
  • This is Apollo Global Management’s 89th transaction in the United States.
  • This is Apollo Global Management’s 13th transaction in California.

M&A Deal Summary

Date 2022-06-14
Target Cardenas Markets
Sector Retail
Buyer(s) Apollo Global Management
Sellers(s) KKR
Deal Type Secondary Buyout
Advisor(s) Solomon Partners
BMO Capital Markets (Financial)
Kirkland & Ellis (Legal)

Target

Cardenas Markets

Ontario, California, United States
Cardenas Markets operates 31 store locations throughout the Inland Empire Imperial County, Pomona, and Las Vegas Nevada. Offering customers, the best shopping experience with a wide selection of quality and fresh products, great service at a superior value. Cardenas Markets was founded in 1981 and is based in Ontario, California.

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Buyer(S) 1

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 123 of 139
Sector (Retail) 9 of 9
Type (Secondary Buyout) 26 of 30
State (California) 13 of 16
Country (United States) 89 of 101
Year (2022) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-11 Fresh Market

Greensboro, North Carolina, United States

Fresh Market is a grocery retailer focused on providing high-quality products in a unique and inviting atmosphere with a high level of customer service. Fresh Market was founded in 1982 and is based in Greensboro, North Carolina.

Sell $2M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-24 Direct ChassisLink

Charlotte, North Carolina, United States

Direct ChassisLink is a provider of equipment and asset management services to the U.S. intermodal industry. DCLI provides chassis leasing and chassis/container management services to container shipping companies, railroads, terminal operators, logistics companies, motor carriers, and beneficial cargo owners through its advantaged network, information technology, and field management organization. Direct ChassisLink was founded in 2009 and is based in Charlotte, North Carolina.

Sell -

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 170 of 185
Sector (Retail) 8 of 9
Type (Secondary Buyout) 30 of 35
State (California) 16 of 17
Country (United States) 78 of 88
Year (2022) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-14 Essential Accessibility

Toronto, Ontario, Canada

Essential Accessibility is an accessibility-as-a-Service platform that makes digital assets conform with WCAG and compliant with ADA, AODA, Section 508, and other anti-discrimination laws. Its comprehensive solution provides everything you need to create and maintain fully accessible web, mobile, and product experiences to ensure customers of all abilities have equal access. Essential Accessibility is based in Toronto Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-20 Accell Group

Heerenveen, Netherlands

Accell Group is an entity which owns several European bicycle manufacturers. In addition to producing bikes, the Accell Group is also involved in the production of fitness equipment and other consumer products. Accell Group is based in Heerenveen, Netherlands.

Buy -