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Warehouse-style grocer to operate as separate unit of Grupo Comercial Chedraui
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
MEXICO CITY & COMMERCE, Calif.–Grupo Comercial Chedraui, S.A.B. de C.V. announced today that its subsidiary, Bodega Latina Corporation, has entered into a definitive agreement to acquire Smart & Final Holdings, Inc. BB #:154073 from funds managed by affiliates of Apollo Global Management, Inc. for approximately U.S.$620 million, including the assumption of certain indebtedness.
Smart & Final, the smaller, faster grocery warehouse store for household and business customers, provides one-stop shopping with an assortment of both club and traditionally sized groceries, fresh foods and supplies without a paid membership and at great values. Celebrating its 150
th anniversary in 2021 and headquartered in Commerce, Calif., Smart & Final operates more than 250 stores under two banners: Smart & Final and Smart & Final Extra!, in California, Arizona and Nevada. There are an additional 16 stores in Northwestern Mexico operated through a joint venture. Smart & Final stores service both hous
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