Henry's and Sprouts farmers markets, which were both started by the family of San Diego businessman Henry Boney, will soon combine under the Sprouts name, it was announced Wednesday.
Private equity firm Apollo Management, L.P. will be the majority owner of the new joint company. Lemon Grove is home to a at 3205 Lemon Grove Ave.
"The combination of Sprouts and Henry's is an exciting chapter in our family's lives, and we look forward to continuing to deliver on our mission of helping America eat healthier, live longer and spend less," Stan Boney, board chairman of Sprouts, said in a statement.
Apollo Management, L.P. will purchase Henry's from Smart & Final Holdings Corp., based out of Commerce, CA, and recapitalize existing Sprouts business, according to a press release.
The financial terms of the deal were not disclosed.
Henry's Farmers Market first opened as a fruit stand at 70th and University Avenue in San Diego in 1943. The stores, opened in 1969 by Boney's sons Stan and Steve, became known as Henry's Marketplace in 1997. Henry's was sold to Wild Oats Markets, Inc. in 1999, which was purchased by Whole Foods Market, Inc. in 2007. Whole Foods then sold Henry's to Smart & Final Holdings Corp.
Sprouts began in Arizona in 2002 and is modeled after the Henry's stores, with similar logos and store layouts. There are 43 Henry's locations—34 in California and nine in Texas. Sprouts has 55 stores across Arizona, California, Colorado and Texas.
The new joint company will "be managed from an operating perspective" by the Boney family, according to the release. No specific timetable was given for the name change.