On Feb. 4, 2019 Reuters reported that grocery retailer Smart & Final is exploring a sale. Smart & Final is owned by private equity firm Ares Management Corp after it was bought from Apollo Global Management for $975 million in 2012. The company was taken public in 2014 but lost almost half its share price value since.
Smart & Final is reportedly working with investment banks on a sale process and has reached out to private equity firms that could be interested in acquiring the business.
A representative for Smart & Final told Reuters the company is focused on executing its strategic plan and that its longstanding policy is not to comment on market rumors or speculation.
Smart & Final currently operates 324 grocery and foodservice stores in California, Oregon, Washington, Arizona, Nevada, Idaho, Montana and Utah, with 15 stores in Northwestern Mexico operated through a joint venture. The company has been facing pressure increasing competition from other brick and mortar stores as well as e-commerce.