Deal Detail

Smart & Final Holdings Corp. to Ares Management, Ares Management LLC

EV / LTM EBITDA

7.5x

EV / LTM Sales

Enterprise Value

$975M

Primary Source

BofA

Comparable Transactions

Grocery Retail transactions announced in the five years to October 2012. 2 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Dec 2011	Winn-Dixie Stores, Inc.	Lone Star Funds	-	-	5.4x	Financial
Jun 2011	BJ's Wholesale Club, Inc.	CVC Capital Partners, Leonard Green & Partners LP, Leonard Green & Partners, L.P. and CVC Capital Partners, Leonard Green, CVC	-	-	6.8x	Financial

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	fairness opinion	SPTN FO	BofA	2025	$975M	-	7.5x	-	-	Open
-	fairness opinion	CORE FO	Barclays	2021	$972M	-	7.9x	-	inclures C&C to HORECA	Open
-	fairness opinion	WFM FO	Evercore	2017	-	-	7.5x	-	-	Open