CITY OF COMMERCE, Calif.,
Jan. 13, 2012 /PRNewswire/ --
99-Cent Only
Stores® (NYSE: NDN) (the "Company") today
announced the completion of its acquisition by affiliates of
Ares Management LLC, Canada Pension Plan Investment Board ("CPPIB")
and the Gold/Schiffer Family for $22.00 per share in cash.
(Logo:
http://photos.prnewswire.com/prnh/20110214/LA47195LOGO-a)
The transaction was approved by the affirmative vote of more
than 82.46% of the outstanding shares of the Company's common stock
at a special meeting of shareholders held on January 12, 2012. The Company's common
stock will be delisted from the New York Stock Exchange.
Lazard Freres & Co. LLC acted as financial advisor to the
Special Committee of the Company, and Morrison & Foerster LLP
acted as the Special Committee's legal counsel. Guggenheim
Securities, LLC and Skadden, Arps, Slate, Meagher & Flom LLP
acted as advisors to the Gold/Schiffer family. RBC Capital
Markets, BMO Capital Markets and Deutsche Bank Securities provided
committed financing for the transaction. Proskauer Rose LLP
acted as legal advisor to the acquirer and Ares, and Torys LLP
acted as legal advisor to CPPIB. Munger, Tolles & Olson
LLP acted as counsel to the Company.
About the Company
Founded in 1982, 99-Cent Only
Stores® currently operates 292 extreme value retail
stores consisting of 214 stores in California, 36 in Texas, 29 in Arizona, and 13 in Nevada. 99-Cent Only
Stores® emphasizes quality name-brand consumables,
priced at an excellent value, in convenient, attractively
merchandised stores. Over half of the Company's sales come
from food and beverages, including produce, dairy, deli and frozen
foods, along with organic and gourmet foods.
About Ares Management LLC
Ares Management LLC is a global alternative asset manager and
SEC registered investment adviser with approximately $47 billion of committed capital under management
and approximately 480 employees as of December 31, 2011. The firm is headquartered in
Los Angeles with professionals
also located across the United
States, Europe and
Asia and has the ability to invest
in all levels of a company's capital structure — from senior debt
to common equity. The firm's investment activities are managed by
dedicated teams in its Private Equity, Private Debt and Capital
Markets investment platforms. Ares Management was built upon the
fundamental principle that each platform benefits from being part
of the greater whole. This multi-asset class synergy provides its
professionals with insights into industry trends across the globe,
access to significant deal flow and the ability to assess relative
value.
The Ares Private Equity Group pursues majority or shared-control
investments, principally in middle market companies with strong
business franchises and in situations where its capital can serve
as a catalyst for growth. Ares Management's private equity senior
partners average more than 20 years of experience investing in,
controlling, advising, and restructuring companies.
For additional information, visit www.aresmgmt.com.
About Canada Pension Plan Investment Board
CPPIB is a professional investment management organization that
invests the funds not needed by the Canada Pension Plan to pay
current benefits on behalf of 17 million Canadian contributors and
beneficiaries. In order to build a diversified portfolio of CPP
assets, CPPIB invests in public equities, private equities, real
estate, inflation-linked bonds, infrastructure and fixed income
instruments. Headquartered in Toronto, with offices in London and Hong
Kong, CPPIB is governed and managed independently of the
Canada Pension Plan and at arm's length from governments. At
September 30, 2011, the CPP Fund
totaled C$152 billion, of which C$25
billion was invested in private equity. For more information
about CPPIB, please visit www.cppib.ca.
Contacts:
For 99¢ Only Stores: Angela Thurstan, (323) 881-1272
For Ares Management LLC: Bill Mendel, Mendel
Communications, (212) 397-1030, bill@mendelcommunications.com
For Canada Pension Plan Investment Board: Linda Sims,
Director, Media Relations, (416) 868-8695, lsims@cppib.ca
SOURCE 99-Cent Only Stores