Apollo's Fresh Bet: Inside the Multi-Billion Euro Prosol Acquisition

PARIS, France – December 16, 2025 – In a landmark move for European retail, Apollo Global Management announced that its affiliated funds have agreed to acquire a majority stake in Prosol Group, the highly successful French fresh food specialist, from private equity firm Ardian. The deal, expected to close in the second quarter of 2026 subject to regulatory approvals, injects significant new capital into Prosol, the operator of the popular Grand Frais and Fresh. banners, signaling a new era of expansion for the company.

Prosol’s existing shareholders and management, led by CEO Jean-Paul Mochet, will reinvest alongside Apollo, a clear vote of confidence in the company's future. The acquisition positions Prosol to accelerate its growth plans both within France and internationally, leveraging Apollo's deep pockets and extensive experience in the consumer and retail sectors.

“Prosol is a clear category leader in fresh food retail, with a powerful customer proposition and outstanding sourcing model,” said Alex van Hoek, Lead Partner for European Private Equity at Apollo. “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.”

A High-Stakes Bet on Premium Fresh Food

While the financial terms of the acquisition were not publicly disclosed, the transaction represents a major strategic investment for Apollo in the resilient and growing fresh food market. Industry reports from late 2025 valued Prosol at between €3 billion and €4 billion, based on an estimated EBITDA of around €400 million. This lofty valuation reflects the company's impressive growth and unique market positioning.

For Apollo, a global alternative asset manager with approximately €908 billion in assets, the deal deepens its significant footprint in France, where it has already invested around €14 billion across various sectors. The firm’s track record includes investments in major French companies such as Constellium, Verallia, and Vallourec, showcasing its long-term commitment to the French market.

This acquisition is not just a financial play but a strategic one. Apollo is betting on Prosol’s proven ability to capture a loyal customer base willing to pay for quality, freshness, and a superior shopping experience—attributes that have become increasingly important to consumers. The investment aligns with a broader trend of private equity interest in specialized, high-growth retail concepts that are less susceptible to the pressures facing traditional hypermarkets.

Prosol's Recipe for Success

At the heart of Prosol's appeal is its distinctive, vertically integrated business model, which it has perfected over three decades. The company operates nearly 450 stores, primarily through its Grand Frais banner, which mimics a traditional covered market hall. Within these stores, specialized partners manage different sections, but Prosol directly operates the crucial fruit, vegetable, dairy, and fish departments.

This model is underpinned by a proprietary supply chain that gives Prosol exceptional control over quality and sourcing. The company maintains long-term partnerships with over 2,300 producers, allowing it to ensure freshness and traceability from farm to shelf. This network is supported by in-house expertise in product maturation—including a proprietary 13,000 m2 ripening plant—and a dedicated logistics network with 10 collection centers designed to maintain a meticulous cold chain.

This operational excellence has translated into remarkable customer loyalty. Grand Frais has been repeatedly voted a favorite store chain in France, celebrated for its wide assortment of high-quality produce at competitive prices. This powerful combination of quality and value has allowed Prosol to steadily gain market share, reaching 4.4% of the French food retail market by early 2022, even as the overall market contracted. The company’s growth has been relentless, with revenue and adjusted EBITDA surging by approximately 80% between 2017 and 2021.

“This investment marks the beginning of an exciting new chapter for Prosol,” said CEO Jean-Paul Mochet. “With the support and expertise of such a strong partner in Apollo, we are well-positioned to achieve our long-term growth ambitions.”

Reshaping the French Retail Landscape

The arrival of a heavyweight investor like Apollo is set to send ripples across the fiercely competitive French retail sector. Prosol's success has already forced established giants like Carrefour and E. Leclerc to re-evaluate their own fresh food strategies. With Apollo's backing, Prosol is expected to accelerate its store opening program, aiming for 30-40 new locations per year, and expand its digital platform, mon-marché.fr.

However, the path forward is not without challenges. The transaction will require clearance from France's competition authority, the Autorité de la concurrence. This body has been particularly active in scrutinizing retail mergers amidst recent market consolidation, often imposing conditions such as store divestitures to preserve local competition. Given Prosol’s strong position in certain regions, the deal will face a thorough review.

Furthermore, scaling Prosol’s intricate, vertically integrated model internationally will be a complex undertaking. Replicating its network of trusted local producers and sophisticated logistics in new European markets will test the combined expertise of Prosol's management and Apollo's strategic team. Maintaining its premium quality while expanding at scale will be the central challenge and the key to unlocking further growth.

A Profitable Exit for Ardian

The sale marks a highly successful exit for Ardian, which acquired its majority stake in Prosol in March 2017 when the company's enterprise value was estimated to be just over €1 billion. Over its nearly nine-year holding period, Ardian has overseen a period of tremendous value creation, with Prosol's valuation potentially tripling or quadrupling.

This outcome is a testament to Ardian's investment strategy, which focuses on backing strong management teams in high-growth companies and timing exits to maximize returns. The firm had reportedly considered a sale before the COVID-19 pandemic but strategically waited for more favorable market conditions, a decision that has clearly paid off. The sale of Prosol stands as a prime example of a successful private equity lifecycle, delivering significant returns to Ardian's investors and positioning the company for its next phase of development under new ownership.