From http://www.foobar2000.org
Support for transcoding all supported audio formats using the Converter
component (requires external commandline encoder executables for different
output formats).
I would not have referred you unless I knew for sure that it will do this
conversion. I have converted ape to mp3 with Foobar2000. (as well as flac
to mp3, wav to mp3, flac to wav, etc, etc ;-) )