Smart & Final will be acquired by investment funds managed by Apollo Global Management affiliates. In addition to Smart & Final, the retailer also has the Smart & Final Extra! and Smart Foodservice banners.
"This transaction is the result of diligent analysis and thoughtful strategic deliberations by our board of directors over many months," says Kenneth Tuchman, chairman of the Strategic Review Committee of Smart & Final's board of directors.
David Hirz, Smart & Final's chief executive officer says the company is set to embark on a new chapter and Apollo is a strategic partner that understands the company's strengths, culture and customer-centric philosophy. "Under the ownership of the Apollo Funds, Smart & Final will benefit from Apollo's strategic guidance, which will help us accelerate our existing strategy in a dynamic industry environment."
This will be Smart & Final's second time under the ownership of Apollo-managed funds. The company was owned by funds managed by affiliates of Apollo from 2007 to 2012 before the retailer was sold to Ares Management. The pending deal is expected to close by third quarter 2019.
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from Industry Operations http://bit.ly/2UGuInd
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