Apollo to acquire Smart & Final

The board of directors of Smart & Final has unanimously approved the transaction, which is expected to close in the second quarter of 2007.

Apollo has also entered into a stock purchase agreement with Paris-based Casino Guichard-Perrachon, which owns approximately 55 per cent of Smart & Final's common stock, to purchase the subsidiary of Groupe Casino which directly owns approximately 52.2 per cent of Smart & Final's common stock. This transaction is conditioned on the concurrent closing of the Smart & Final merger.

The purchase price for the subsidiary will be based on the number of Smart & Final shares it owns at the same $22 cash price per share to be paid in the merger. The remaining approximately 2.8 per cent of Smart & Final's common stock held by Groupe Casino will be acquired pursuant to the merger, according to a statement.

Andy Jhawar, a senior partner of Apollo, said, 'We have long admired the unique specialty food retail position of the Smart & Final and Smart Foodservice Cash & Carry stores. The company's position in the marketplace will serve as a strong platform for continued evolution and future growth of its business model. We look forward to working together with Smart & Final's over 6,000 employee associates to position the company for continued long-term success.'

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