By Gerelyn Terzo, Global AgInvesting Media
In an expansion of its footprint in Europe’s food and retail sector, Apollo Global Management is deepening its commitment to innovative fresh food models. The private equity powerhouse announced a majority investment in France’s Prosol Group in which Apollo-managed funds have agreed to acquire a controlling stake in the specialist operator from asset manager Ardian, which is exiting the asset after making a majority investment in the food group in 2017.
With several hundred stores generate sales under brands like Grand Frais, Prosol has established a reputation as a leader in France’s fresh food landscape, poised for growth amid rising consumer demand for specialty offerings. This deal highlights Apollo’s track record of investing billions of euro in French companies across strategies as well as persistent private equity enthusiasm for consumer-driven retail platforms in a competitive market.
Since its launch in 1992, Prosol has developed a tightly managed fresh-food supply chain in France, relying on direct sourcing and internal expertise to maintain quality across categories like fruits, vegetables, dairy, seafood and meat. The group operates nearly 450 stores via two main formats: Grand Frais, managing key produce, dairy and seafood departments, and the wholly owned Fresh, which integrates these with meat offerings. Prosol also runs complementary concepts like La Boulangerie du Marché, mon-marché.fr, and BioFrais, while expanding into Italy through Banco Fresco.
Apollo Lead Partner for European PE Alex van Hoek commented, “Prosol is a clear category leader in fresh food retail, with a powerful customer proposition and outstanding sourcing model. Under the leadership of Jean-Paul, the Company has demonstrated consistent organic growth over time, providing shoppers with exceptional quality products, breadth of assortment and strong value for money. As Prosol looks to expand its estate both in France and internationally, Apollo will draw on our extensive retail expertise to support the management team’s growth plans while maintaining the distinctive identity beloved by customers.”
Prosol CEO Jean-Paul Mochet said, “This investment marks the beginning of an exciting new chapter for Prosol and is testament to not only the strength of our business, but also the deep relationships we have formed with our suppliers and customers. With the support and expertise of such a strong partner in Apollo, we are well-positioned to achieve our long-term growth ambitions and bring our distinctive retail concept to more customers across Europe.”
This deal is not Apollo’s first foray into the food supply chain. In 2022, the asset manager acquired Chicago, Illinois-based grocery retailer Tony’s Fresh Market, as well as Cardenas Markets, a grocery retailer focused on the Hispanic community, from industry peer KKR, with plans to combine both retail platforms.
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