Smart & Final acquired by management firm

Commerce, Calif.-based Smart & Final, a chain of warehouse-style food and supply stores, has entered into a definitive merger agreement with Apollo Global Management LLC, a global alternative investment manager, which will acquire all the outstanding shares of Smart & Final's common stock for $6.50 per share in cash.

David Hirz, Smart & Final's CEO, said, “This transaction is a testament to the strength of Smart & Final's franchise, the quality of our store banners and the talent and expertise of our people. Under the ownership of the Apollo Funds, Smart & Final will benefit from Apollo's strategic guidance, which will help us accelerate our existing strategy in a dynamic industry environment."

Smart & Final was previously owned by funds managed by affiliates of Apollo from 2007 to 2012 before its sale to Ares Management L.P. in November 2012.