Apollo selling down Sprouts holdings

Sprouts Farmers Markets said certain shareholders led by Apollo Capital Management would sell 15 million shares of its stock in a secondary offering.

The offering, at $30 per share, would reduce Apollo’s ownership stake in the Phoenix-based natural foods retailer from around 30.5% to 23%. Sprouts will receive no proceeds in the offering. A group of banks underwriting the deal have the option to buy up to 2.25 million shares, Sprouts said.