Ardian has sold its majority stake in French fresh-food retailer Prosol Group to funds managed by Apollo, closing a deal that sees management and minority shareholders reinvest alongside the new majority owner.

The transaction makes Apollo the controlling shareholder of a company with a proprietary, vertically integrated supply chain and nearly 450 points of sale across France and Italy.

Founded in 1992, Prosol has differentiated itself by sourcing fresh products directly from carefully selected producers and operating in-house maturation, production, and logistics facilities.

The company operates a portfolio of complementary retail brands, most prominently the Grand Frais and fresh banners, and also includes La Boulangerie du Marché, mon-marché.fr, BioFrais, and the Italian concept Banco Fresco.

Within Grand Frais stores, Prosol directly runs the fruit and vegetable, fish, dairy and cheese departments, as well as butchery departments in parts of France.

Chief Executive Officer Jean-Paul Mochet, who led the company under Ardian's ownership, will continue at the helm.

UBS AG served as lead financial advisor to the Apollo Funds, with Royal Bank of Canada and Lazard also providing financial advice.

Sidley Austin LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel on the transaction.