Backpack Giveaways at All Store Locations!
Ontario, California (August 3, 2023) – Cardenas Markets, one of the largest Hispanic grocery chains in the country, is excited to help local students prepare for the new school year by providing them with free backpacks.
On Saturday, August 5, 2023, beginning at 8:00 a.m., all Cardenas Markets and Los Altos Ranch Markets store locations will distribute backpacks to children (ages 5-13) and accompanied by an adult, while supplies last.
“Our backpack giveaway is designed to help local students start the new school year prepared and ready to learn while also helping local families reduce back-to-school expenses,” said Adam Salgado, Chief Marketing Officer for Cardenas Markets. “We are a pillar of support in every community where we operate, and our customers can always count on us to be there for them.”
Celebrating Día Del Niño
Ontario, California (April 27, 2023) – Día del Niño is a traditional celebration that takes place annually in Mexico on Apr. 30, and focuses on the importance of loving, accepting, and appreciating children.
In honor and celebration of Día del Niño, the Cardenas Markets Foundation is providing funds totaling $20,000 dollars to organizations that advance and support children’s well-being initiatives.
These organizations include Children’s Fund (San Bernardino, CA), Loma Linda University Children’s Hospital (Loma Linda, CA), Building Bridges Foster Family Agency (Ontario, CA), UCSF Benioff Children’s Hospital Foundation (Oakland, CA), Lucile Packard Children’s Hospital (Palo Alto, CA), Be a Mentor (Hayward, CA), Phoenix Children’s Hospital (Phoenix, AZ), Defender of Children (Phoenix, AZ), University Medical Center Foundation (Las Vegas, NV) and Street Teens (Las Vegas, NV).
“Día del Niño or Children’s Day is about recognizing and celebrating children,” said Adam Salgado, Cardenas Markets Foundation President, and Chief Marketing Officer for Cardenas Markets. “For the Cardenas Markets Foundation, it’s also about taking action to advocate for children’s livelihood and sense of well-being in every community where we operate, and we are honored to partner with these organizations to assist in furthering their respective missions,” Salgado added.
In addition to supporting local organizations that promote children’s well-being, on Apr. 30 every Cardenas Markets store location will also celebrate by offering chocolate chip cookies to children, while supplies last.
Click here for more information about the Cardenas Markets Foundation.
Eric Stover Promoted to CEO of Cardenas Markets
Ontario, California (March 22, 2023) – Heritage Grocers Group is pleased to announce the promotion of Eric Stover to the position of Division Chief Executive Officer (CEO) of Cardenas Markets.
In this position Stover will continue to report directly to Doug Sanders, Chairman & CEO for Heritage Grocers Group (HGG), the parent company of Cardenas Markets.
“Eric’s promotion to Division CEO supports the company’s strategy and overall growth plan. Serving as Chief Merchandising Officer for Cardenas since 2020, he led multiple, successful initiatives focused on meeting and expanding our customer’s evolving food preferences while optimizing their shopping experiences, both in-store and online,” Sanders said. “Eric is a strong leader with extensive experience and vision, and I am confident that he will do an excellent job leading the exceptional team at Cardenas Markets,” Sanders added.
As Stover assumes the role of CEO for Cardenas Markets, Sanders will allocate more of his time to executing the company’s expansion strategy across the entire HGG portfolio of companies.
Stover joined Cardenas Markets in March of 2020 bringing more than 35 years of food industry experience to his most recent position of Chief Merchandising Officer. Prior to joining Cardenas Markets, Stover held leadership roles in merchandising and operations for several food retailers including Wild Oats, Henry’s Farmers Market, and Sprouts Farmers Market. He also held senior roles with wholesale and distribution companies including United Natural Foods (UNFI) and KeHE Distributors.
Stover studied Business Administration and Psychology at the University of Texas at Arlington. He also serves on the board of directors for the Western Association of Food Chains (WAFC) and sits on the Food Industry Round Table for Olive Crest.
Ted Frumkin Joins Heritage Grocers Group
Ontario, California (February 15, 2023) – Heritage Grocers Group, the parent company of Cardenas Markets and Tony’s Fresh Market, is pleased to announce the appointment of Ted Frumkin to the position of Senior Vice President of Store Development.
In this position Frumkin will report directly to Prabash Coswatte, Chief Administrative Officer for Heritage Grocers Group, and will oversee the company’s strategic real estate development and growth initiatives.
“Ted is an exceptional real estate executive with extensive experience in new store development, project management, procurement, and financial analysis,” said Coswatte. “Ted will play a critical role in driving growth across all Heritage Grocers Group banners,” he added.
As president & CEO of TBF Strategic Realty Advisors, Frumkin has provided real estate guidance to Cardenas Markets since 2020.
Prior to joining Cardenas Markets, Frumkin most recently served as Group Vice President of Real Estate and Construction of North Carolina-based The Fresh Market. He also served as Chief Development Officer for Sprouts Farmers Markets and Vice President of Real Estate for Staples, Inc. Frumkin also held real estate leadership roles at Rubio’s Restaurants, Office Depot, Wal-Mart Stores, and Taco Bell.
Frumkin holds an M.B.A. with an emphasis in Finance from Florida International University in addition to a Bachelor of Fine Arts degree from Texas Christian University.
2023 Scholarship Program
Ontario, California (January 10, 2023) – The Cardenas Markets Foundation continues its commitment to supporting the communities it serves by providing $192,000 in scholarship funds to students in the areas where Cardenas Markets operates.
In sum, 64 scholarships of $3,000 each will be awarded for the 2023 academic year, which reflects a $15,000 increase in total scholarship funds from the 2022 academic year.
Recipients will be selected based on their academic qualifications, financial need, leadership attributes and commitment to serving their local community.
“Founded by a young man who immigrated to the United States and built a successful business for his family, Cardenas Markets embodies the spirit of the American Dream. Today, that legacy continues through the efforts of the Cardenas Markets Foundation Scholarship Program,” said Adam Salgado, President for the Cardenas Markets Foundation. “We understand that education is key to achieving the American Dream, and we are committed to ensuring higher education remains attainable and within financial reach for local students in the communities where Cardenas Markets operates,” he added.
Students can learn more and apply by visiting https://cardenasmarkets.com/scholarships.
$50K to Local Food Banks
Cardenas Markets Foundation Provides $50,000 to Local Food Banks
Ontario, California (October 6, 2022) – On the heels of Hunger Action Month, the Cardenas Markets Foundation is pleased to announce thatfunds totaling $50, 000 have been donated to 25 food banks and pantries in the areas where Cardenas Markets operates.
According to Feeding America, 1 in 6 Hispanic individuals experience food insecurity, and Latino children are more than twice as likely to face hunger as non-Latino children.
“We are honored to partner with our local food banks to assist in alleviating food insecurity,” said Adam Salgado, President of the Cardenas Markets Foundation. “Through the efforts of the Cardenas Markets Foundation, Cardenas Markets is much more than your local grocery store. We are a pillar of ongoing community support committed to strengthening our communities by addressing and meeting their vital needs.”
The following food banks / pantries operate in the areas served by Cardenas Markets. Each organization received a check in the amount of $2,000 from the Cardenas Markets Foundation.
- Alameda County Community Food Bank
- Carol’s Kitchen
- City Mission Of Las Vegas
- Coachella Valley Rescue Mission
- Community Action Partnership of San Bernardino County
- Corona/ Norco Settlement House
- Find Food Bank
- First Lutheran Church Food Pantry
- Food Bank Monterey County
- Fruit of Our Hands Ministries
- Helping Hands
- Helping Our People of Elsinore
- Imperial Valley Food Bank
- Inland Valley Hope Partners
- Kid Care International
- Las Vegas Rescue Mission
- Lutheran Social Services
- Merced County Food bank
- Pomona Valley Food Bank
- Second Harvest of Silicon Valley
- SF- Marin Food Bank
- St. Mary’s Food Bank
- The Concerned Family
- The Society of Saint Vincent
- United Way Emergency Food and Shelter Partners
CARDENAS MARKETS FOUNDATION:
The Cardenas Markets Foundation is a stand-alone, 501(c)(3) nonprofit organization noted for its charitable efforts that positively impact the lives of those in the areas Cardenas Markets serves. We are deeply rooted in all of our neighborhoods and are always searching for opportunities to partner with our local communities. The Cardenas Markets Foundation supports organizations committed to advancing health, children’s well-being, hunger relief and education.
Now Open in Banning, CA
Cardenas Markets Plans Grand Opening Festivities for its Banning, CA Store Location
This marks the company’s first store to serve the San Gorgonio Pass
Ontario, California (September 27, 2022) – Cardenas Markets is excited to announce that grand opening festivities for its store located at 3317 W. Ramsey Street in Banning, CA will take place on Wednesday, September 28, 2022, at 10:00 a.m.
The Banning location, which previously operated under the Rio Ranch Market banner, marks the company’s expanded footprint and is the first to serve the San Gorgonio Pass area.
“We are committed to bringing our exceptional variety of fresh and authentic Hispanic offerings in addition to traditional grocery staples to Banning residents,” said Adam Salgado, Chief Marketing Officer for Cardenas Markets. “Customers will find amazing values in a convenient, fun and festive environment,” Salgado added.
In addition to a formal ribbon cutting, festivities include remarks from local dignitaries and elected officials, and live entertainment. To further demonstrate its commitment to the Banning community, the Cardenas Markets Foundation will make donations totaling $10,000 to the Banning Unified School District ($5,000), and Faith in Action of Banning, CA ($5,000).
The company’s Banning location features:
- A colorful Produce Department with a wide-array of perfectly ripe, seasonal fruits and vegetables from the USA and Latin America at affordable prices
- A Full-Service Meat Department offering USDA Choice beef; fresh cuts of beef, pork, and chicken cut daily; and a large selection of seafood
- An authentic Mexican Cocina where customers can savor the flavors of Cardenas’ signature carnitas, tamales, taquería classics and enjoy great Daily Deal options
- A Tortilleria featuring authentic corn tortillas made by utilizing traditional Nixtamal technique in addition to flour tortillas and masa made from scratch
- A Bakery filled with specialty pastries, desserts, cakes, pan dulce and bolillos baked fresh daily
The store will operate from daily from 7:00 a.m. – 10:00 p.m.
Photos from the Cardenas Markets Banning, CA Grand Opening
Cardenas CARES Community Giving Program
The Cardenas Markets Foundation Celebrates National Nonprofit Day by Launching the Cardenas CARES Community Giving Program
Ontario, California (August 17, 2022) – The Cardenas Markets Foundation aspires to serve as a pillar of ongoing support in every community where Cardenas Markets operates and is celebrating National Nonprofit Day by launching the Cardenas CARES (Committed, Active, Reliable, Empowering, Supportive) Community Giving Program.
Upon checkout, every store across the entire company will provide its customers the opportunity to donate $1, $3 or $5 to the Cardenas Markets Foundation. Funds raised through the Cardenas CARES program will benefit nonprofit organizations embedded in our local communities.
In addition, by visiting cardenasmarket.com or requesting a Cardenas CARES Community brochure from their local Store Director, nonprofit organizations seeking support from the Cardenas Markets Foundation will find the company’s giving guidelines and criteria.
“Our customers are like family, and they can always count on us to be there for them,” said Adam Salgado, Cardenas Markets Foundation President and Chief Marketing Officer for Cardenas Markets. “Not only are we committed to providing fresh offerings and an authentic shopping experience, we are also dedicated to providing unwavering community support,” Salgado added.
About Cardenas Markets Foundation The Cardenas Markets Foundation is a stand-alone, 501(c)(3) nonprofit organization. The mission of the Cardenas Markets Foundation is to actively support and meet the needs of the communities where Cardenas Markets does business. This is achieved by providing funds to organizations that support and advance health initiatives, children’s well-being programs, hunger relief efforts and educational opportunities.
Apollo Funds to Acquire Cardenas Markets
Upon completion of the acquisition, Apollo Funds’ portfolio company Tony’s Fresh Market to combine with Cardenas Markets to create a leading Hispanic and ethnic-focused grocer
NEW YORK– June 14, 2022 – Yesterday, Apollo (NYSE: APO) announced that funds managed by its affiliates (the “Apollo Funds”) have agreed to acquire Cardenas Markets (“Cardenas”), a leading grocery retailer focused on serving the Hispanic community, from investment funds affiliated with KKR, a leading global investment firm. Upon completion of the transaction, Apollo Funds will combine Tony’s Fresh Market, a Chicago-based portfolio company, with Cardenas Markets, which operates across California, Nevada and Arizona, to create a leading Hispanic- and ethnic-focused grocer. Both companies will continue to operate under their respective brands and local leadership, while benefitting from greater scale, complementary capabilities and an expanded operating footprint.
Founded in 1981, Cardenas is one of the largest Hispanic grocery chains in the country with a differentiated store concept providing high-quality, specialty groceries at affordable prices. The Company, led by CEO Doug Sanders, today operates 59 stores and sources products from over 500
vendors. The combined Cardenas-Tony’s footprint will span nearly 80 stores across the western and mid-west United States with approximately $1.8 billion in combined revenues. Sanders will serve as CEO of the combined company and Cardenas chain, while Frank Ingraffia will continue to serve as the CEO of the Tony’s chain.
“Since joining Cardenas, we have made great progress in growing and enhancing our operations with KKR’s support, and I am thrilled by the opportunity for our team to now partner with Frank and the Tony’s team, leveraging our collective strengths. Together, as two of the highest quality Hispanic and ethnic grocers, we can deliver even greater value to the communities we serve,” Doug Sanders, CEO of Cardenas said. “Apollo private equity has an extensive best-in-class track record of success in food retail, and I am thrilled to partner with Andy Jhawar and the Apollo team again in this exciting next chapter for Cardenas. I would also like to thank KKR, which been a tremendous strategic partner over the past six years, helping us grow and professionalize the business.”
Andrew Jhawar and Joanna Reiss, Apollo Private Equity Partners, said: “Cardenas has grown significantly over the last several years under Doug’s leadership and we are excited to accelerate its growth in combination with Tony’s in this next phase. We are excited to once again partner with Doug following
our highly successful investment in Sprouts Farmers Market which Doug led as CEO under Apollo funds’ ownership. Cardenas and Tony’s have robust positions in the ethnic grocer space, and together can leverage best practices across their complementary go-to-market strategies, merchandising, customer
loyalty programs and more. This transaction will combine the best of both retailers and provide greater opportunities and scale for the respective brands and teams as they continue to bring quality, affordable groceries to diverse communities.”
In 2016, KKR acquired Cardenas Markets from the Cardenas family with the thesis of transforming the business into a growth platform. Under KKR’s ownership, Cardenas doubled in size through a combination of organic growth and strategic acquisitions.
Vishal Patel, a Managing Director at KKR, said: “We are immensely appreciative of everything Doug and the management team have done to build a great company dedicated to bringing fresh and affordable groceries to the communities that it serves, consistent with the values that the Cardenas family instilled
in the business. We are confident that Apollo and Tony’s Fresh Market are the right partners for Cardenas as it enters its next chapter of growth.”
The transaction is subject to customary closing conditions and is expected to be completed by Q3 2022. Financial terms of the transaction were not disclosed.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Apollo Funds. Solomon Partners acted as lead financial advisor to Cardenas Markets and KKR. BMO Capital Markets also advised, and Kirkland & Ellis LLP served as legal advisor to Cardenas Markets and KKR. Credit Suisse, Wells Fargo and Rabobank have provided committed debt financing for the transaction.
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2022, Apollo had approximately $513 billion of assets under management. To learn more, please visit www.apollo.com.
About Cardenas Markets, LLC
Cardenas Markets is headquartered in Ontario, CA, and currently operates a total of 51 stores under the Cardenas Markets banner, 7 stores under the Los Altos Ranch Markets banner and 1 store under Cardenas Ranch Markets banner. Today, Cardenas Markets is one of the largest Hispanic grocery chains in the country with stores in California, Nevada, and Arizona. For more information visit cardenasmarkets.com.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in
its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial
Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.