The company was taken private by Apollo for $22-a-share in February 2007, which gave the company an enterprise value of $813m.
Ares will gain a majority stake in Smart & Final through the latest deal, with senior management retaining a minority stake.
The warehouse-style food and supplies retailer has 235 stores across six western US states under the Smart & Final, Smart & Final Extra! and Cash & Carry brands.
Ares founding member and senior partner David Kaplan said, “We are delighted to join Smart & Final’s senior management team as long-term investors in the company.
“Smart & Final occupies an attractive position in the marketplace by delivering compelling value and merchandise to its loyal customers.
“We share management’s vision for the company and believe it is well positioned for future growth.”
The deal comes two months after LA-based Ares held the final close of its $4.7bn Ares Corporate Opportunities Fund IV.
ACOF IV exceeded its initial target of $4bn and is 35 per cent above its most recent private equity fund, ACOF III, which closed in 2008.
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