Ares Management LLC will acquire a majority stake in Smart & Final Holdings Corp., which is owned by private equity firm Apollo Global Management LLC (NYSE: APO), for $975 million.
Smart & Final is a warehouse-style store that sells household goods, food and other supplies.
Ares is a Los Angeles-based private equity firm with about $54 billion in capital under management. The firm’s portfolio companies include Nortek Inc., Jacuzzi Brands Corp. and GNC Holdings Inc.
Partners Robert Robison and R. Alec Dawson of Morgan Lewis & Bockius LLP served as Smart & Final’s legal adviser for the deal. Michael Woronoff and Daniel Ganitsky of Proskauer Rose LLP served as Ares’ legal counsel.