Apollo to Sell Smart & Final to Ares

LOS ANGELES — Smart & Final Holdings Corp. here said Ares Management has signed a definitive agreement to acquire a majority stake in the company from Apollo Global Management for an estimated price of $975 million.

The sale is expected to close by the end of the year.

Ares is a locally based private equity firm whose food-related investments include stakes in 99 Cents Only Stores here

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