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    Smart & Final Files IPO

    Company seeks $100M in public offering

    By Kyle Shamorian, Stagnito Business Information

    Smart & Final Stores, the Commerce, Calif.-based warehouse-style grocery retailer, filed with the SEC on Friday for an initial public offering (IPO) of its common stock.

    The company is seeking $100 million through the filing, although Renaissance Capital said that figure is likely a preliminary "placeholder," and that Smart & Final could raise up to $300 million following the IPO's finalization. The grocer plans to use proceeds to repay debt and finance its future growth plans, according to reports.

    The filing named Credit Suisse, Morgan Stanley, Deutsche Bank and Barclays as joint underwriters.

    Los Angeles-based Private equity firm Ares Management purchased a majority stake in the company for $975 million in late 2012 from Apollo Global Management, based in New York.

    Smart & Final operates 247 locations in the western United States under the Smart & Final, Extra! and Cash and Carry banners, and posted net sales of $3.3 billion for the 12 months ended March 31, 2014.

    At press time, the company confirmed its S-1 registration statement, but had no further comment.

     

    By Kyle Shamorian, Stagnito Business Information
    • About Kyle Shamorian In his digital editor role, Kyle Shamorian oversees all content on progressivegrocer.com, Progressive Grocer’s online extension that features real-time daily news, exclusive content, new products, blogs, and related multimedia products. In addition to writing and editing content on a wide range of grocery industry issues, Kyle helms the Brain Food department in PG’s print edition, which spotlights shopper behavior and consumer trends in the retail industry. Before joining Progressive Grocer’s editorial team in July 2012, Kyle, a 2003 graduate of Marquette University, previously managed digital platforms for a variety of industries.

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