You are here
Global asset management company Ares Management is acquiring Smart & Final from Apollo Global Management, LLC for $975 million. Smart & Final senior management will retain a minority stake in the company.
"We are looking forward to our partnership with Ares Management, whose strong, committed financial sponsorship and great track record in the retail sector speak for itself," said Dave Hirz, Smart & Final's president and CEO. "The entire senior management team of Smart & Final is very excited about having Ares' support in further building Smart & Final into a world-class organization."
Smart & Final is a warehouse-style smaller-format retailer serving both households and smaller businesses with a strong value proposition. It operates 235 stores under three distinct formats: Smart & Final, Smart & Final Extra!, and Cash & Carry. The stores operate in six western U.S. states - California, Nevada, Arizona, Oregon, Idaho, and Washington - with an additional 13 joint-venture stores in northwest Mexico.
The three store formats are positioned to attract customers with an everyday low-price strategy and to offer their customers great value on national brand items. Smart & Final has a powerful private label and "warehouse club pack" offering, which represents value to consumers and also serves as a point of differentiation when compared to its competition.
"We are delighted to join Smart & Final's senior management team as long-term investors in the company," said David Kaplan, senior partner and founding member of Ares. "Smart & Final occupies an attractive position in the marketplace by delivering compelling value and merchandise to its loyal customers. We share management's vision for the company and believe it is well positioned for future growth."