* Company backed by PE firm Ares Management
* Credit Suisse, Morgan Stanley lead underwriters to IPO
* Company to list stock under symbol "SFS"
(Adds background, company's financials, use of proceeds)
June 20 Food retailer Smart & Final Stores Inc,
backed by private equity firm Ares Management LP, filed
with U.S. regulators on Friday to raise up to $100 million in an
initial public offering of its common stock.
Smart & Final has about 247 small-box and warehouse-style
stores in the western United States.
The company also operates about 52 Cash & Carry stores,
focused primarily on restaurants and foodservice businesses such
as food trucks and coffee houses.
The century-old company, founded by J.S. Smart and H.D.
Final, was bought by recently listed Ares Management from Apollo
Global Management LLC in 2012 for $975 million.
Smart & Final listed grocers such as Kroger Co and
Safeway Inc, warehouse retailer Costco Wholesale Corp
and foodservice delivery company Sysco Corp
among its competitors.
The company also offers catering services and features
appetizers and snack recipes like grilled steaks and smoky
canapes on its website.
Smart & Final, which has more than 8,000 employees, reported
a rise of 13 percent in net sales to $3.2 billion between 2011
and 2013. Net income fell to $8.2 million from $10.5 million
during the same period.
The company, headed by 59-year-old David Hirz, a former
executive of Kroger, plans to use the proceeds from the offering
for debt repayment and general corporate purposes.
California-based Smart & Final listed Credit Suisse and
Morgan Stanley as lead underwriters to the IPO. (bit.ly/1ytk279)
Smart & Final's filing with the U.S. Securities and Exchange
Commission did not disclose how many shares the company planned
The company, which plans to list its common stock under the
symbol "SFS", did not reveal on which exchange it intends to
list its stock.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting By Neha Dimri in Bangalore; Editing by Maju Samuel)