The private-equity parent of Smart & Final plans to sell the warehouse-style grocery chain to Bodega Latina Corp., a subsidiary of Mexican retailer Grupo Comercial Chedraui.
Under the agreement, announced Thursday evening, Bodega Latina would acquire Smart & Final Holdings from funds managed by affiliates of New York-based parent Apollo Global Management in a deal valued at about $620 million, including the assumption of debt. Apollo had acquired Smart & Final in a $1.12 billion leveraged buyout in June 2019.
Plans call for Smart & Final to retain its existing operations and management team, led by CEO David Hirz. Currently, Smart & Final operates 254 stores under the Smart & Final Extra! (198 locations) and Smart & Final (56 locations) banners in California, Arizona and Nevada. Smart & Final — marking its 150th anniversary in 2021 — generated U.S. revenue of about $4.1 billion in its fiscal year ended Jan. 3, 2021, with roughly 70% of sales from household customers and 30% from business customers. Another 16 Smart & Final stores in northwestern Mexico are operated through a joint venture.
Source: Supermarketnews
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 