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Smart & Final Goes Private After Merger Agreement

Smart & Final Goes Private After Merger Agreement

Monday, June 24th, 2019

Discount retailer Smart & Final is taking a step back into the private sector after its April 2019 merger agreement with affiliates of Apollo Global Management, which saw the retailer’s shares acquired for $1.12 billion. It was announced last week that First Street Merger Sub, an entity managed by affiliates of Apollo Global Management, acquired all outstanding shares of Smart & Final’s common stock.

David Hirz, President and CEO, Smart & Final“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.”

Smart & Final has transitioned back into the private sector, following last week’s announcement that First Street Merger Sub has acquired all of the outstanding shares of Smart & Final’s common stock

First Street Merger Sub made payment for the tendered shares on June 20 of this year. Following this payment, Smart & Final officially merged with the company and became a privately-held, indirect, wholly-owned subsidiary of the Apollo Funds. As a result, Smart & Final’s common stock will no longer be traded on the New York Stock Exchange.

To read the press release in its entirety, click here. For more breaking news, keep reading Deli Market News.

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