Smart & Final Goes Private as Apollo Global Management Completes Acquisition
COMMERCE, CA - Instead of stepping out, Smart & Final appears to be stepping back in—into the private sector that is. In April of 2019, Smart & Final entered a merger agreement with affiliates of Apollo Global Management, an agreement that saw the retailer’s shares acquired for $1.12 billion. Now, the retailer has transitioned back into the private sector, following last week’s announcement that First Street Merger Sub, an entity managed by affiliates of Apollo Global Management, has acquired all of the outstanding shares of Smart & Final’s common stock.
“As we turn the page to the next chapter in our almost 150-year history, we are excited to again work with Apollo to capitalize on our unique value proposition in this dynamic grocery marketplace,” said David Hirz, Smart & Final's President and Chief Executive Officer. “We look forward to continued evolution in the Smart & Final and Smart Foodservice store banners, as we endeavor to provide the best shopping experience for our household and business customers across both in-store and digital sales channels.”
According to a press release, First Street Merger Sub made payment for the tendered shares on June 20, 2019. Following this payment, Smart & Final officially merged with the company and became a privately-held, indirct, wholly-owned subsidiary of the Apollo Funds.
As part of this latest move, Smart & Final’s common stock will no longer be traded on the New York Stock Exchange.
For more information on the transaction, click here to read the press release in its entirety. And to stay on top of breaking news like this, keep following AndNowUKnow.