US private equity firm Apollo Global Management is considering selling its Hispanic grocery chain, Heritage Grocers Group, amidst concerns over mass deportations and ICE raids impacting Latino consumer demand. The potential sale could fetch $1.5bn, managed by investment bank UBS. Heritage Grocers earns $150m in EBITDA with over $2bn in revenue.

The company operates multiple Hispanic-focused grocery banners including El Rancho Supermercado, Cardenas Markets, and Tony’s Fresh Market. Apollo acquired Tony’s and Cardenas in 2022, merging them, and purchased El Rancho in 2023. Heritage Grocers currently runs 115 stores across six states.

Apollo has investments in various grocery chains like The Fresh Market, Sprouts Farmers Market, Smart & Final, and Albertsons. Both Apollo and UBS declined to comment on the potential sale, while Heritage Grocers did not respond to inquiries. The sale comes as Latino communities exercise caution due to immigration concerns, impacting consumer demand.

Read more at Yahoo Finance: Apollo considers sale of Hispanic grocer Heritage Grocers Group