Deal Detail

Smart & Final Stores, Inc. to Apollo Global Management, LLC

EV / LTM EBITDA

6.5x

EV / LTM Sales

Enterprise Value

$1.1B

Primary Source

Morgan Stanley

Comparable Transactions

Grocery Retail transactions announced in the five years to April 2019. 6 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jul 2018	Supervalu Inc.	United Natural Foods, Inc.	$2.9B	-	7.0x	Strategic
Jun 2017	Whole Foods Market, Inc.	Amazon.com, Inc.	$13.7B	-	10.6x	Strategic
Oct 2016	Save-A-Lot	Onex	$1.4B	-	7.0x	Financial
Mar 2016	The Fresh Market, Inc.	Apollo Global Management, LLC	$1.4B	-	7.1x	Financial
Nov 2015	Roundy's, Inc.	The Kroger Co., The Kroger Company	$800M	-	6.9x	Strategic
Jun 2015	Delhaize Group	Koninklijke Ahold N.V	-	-	8.1x	Strategic
	Mean			-	7.8x
	Median			-	7.0x

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	WBA FO	Morgan Stanley	2025	$1.1B	-	6.5x	-	-	Open
-	fairness opinion	SPTN FO	BofA	2025	$1.1B	-	6.1x	-	-	Open
-	fairness opinion	WBA FO	Centerview	2025	$1.1B	-	6.5x	-	-	Open