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.
“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.”
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.
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