Friday, October 12, 2012
Smart & Final Holdings Corp., a leading multi-format retailer, today announced that Ares Management LLC, a global alternative asset manager and registered investment adviser, has signed a definitive agreement to acquire a majority stake in the company with senior management retaining a minority stake. Smart & Final is currently majority-owned and controlled by investment funds affiliated with global alternative asset manager Apollo Global Management, LLC. The total enterprise value for the transaction is $975 million, subject to certain closing conditions.
Smart & Final operates 235 smaller store, warehouse-style, "no membership fee" locations under the Smart & Final, Smart & Final Extra! and Cash & Carry formats in six western U.S. states with an additional 13 joint-venture stores in northwest Mexico.
Morgan Lewis served as legal adviser to Los Angeles-based Smart & Final on the transaction. The Morgan Lewis deal team was led by Business & Finance partners Robert Robison and R. Alec Dawson and included Business & Finance associates Juan Damian Guzman and Andrew Milano.
Proskauer Rose LLP served as Ares Management's legal counsel led by partners Michael Woronoff and Daniel Ganitsky.
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