Ares Acquires Smart & Final

“It’s interesting when one private equity firm sells to another because the first one has usually pulled the levers in terms of real estate, management or company focus, and there often isn’t much left for the second firm to do." — Neil Stern, senior partner, McMillan Doolittle

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

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