A recent 13G filing with the US Securities and Exchange Commission showed that Glenn J. Krevlin‘s Glenhill Advisors has raised its stake in Smart & Final Stores Inc. (NYSE:SFS) to 3.77 million common shares, which account for 5.1% of the float. Glenhill Advisors’ stake was increased from 3.35 million shares that it had reported as of the end of June in its last 13F filing.
Smart & Final is a food retailer that works in two divisions: Smart & Final and Cash & Carry. Since the beginning of the year, the company’s stock has lost 30.09%. In its latest financial report for the Second quarter of 2016, Smart & Final Stores reported revenue of $1.04 billion and earnings per share of $0.10, below the analysts’ estimates of both revenue of $1.05 billion and EPS of $0.21.
At the end of June, eight investors from our hedge fund database reported long positions in Smart & Final Stores (NYSE:SFS), down from 13 in the previous quarter. Some of the bullish investors encompassed Michael A. Price and Amos Meron’s Empyrean Capital Partners, with a position worth around $12.36 million, Ken Griffin’s Citadel Investment Group, which held a position valued at $9.06 million, John Tompkins’ Tyvor Capital, and Israel Englander’s Millennium Management.
Among those investors who lost enthusiasm for investing in Smart & Final Stores (NYSE:SFS), and sold off its shares during the quarter were George Soros’ Soros Fund Management, which dropped its position valued at the end of March at $9.41 million, Jim Simons’ Renaissance Technologies, which said goodbye to $2.10 million worth a position, Richard Driehaus’ Driehaus Capital, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Glenhill Advisors | 2,797,145 | 968,162 | 3,765,307 | 0 | 3,765,307 | 5.1% |
| Glenn J. Krevlin | 2,797,145 | 968,162 | 3,765,307 | 0 | 3,765,307 | 5.1% |
| Glenhill Capital Advisors | 0 | 3,765,307 | 0 | 3,765,307 | 3,765,307 | 5.1% |
| Glenhill Capital Management | 0 | 2,797,145 | 0 | 2,797,145 | 2,797,145 | 3.8% |
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Page 1 of 9 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
SMART & FINAL STORES, INC.
(Name of Issuer)
Common
Stock, $0.001 par value
(Title of Class of Securities)
83190B101
(CUSIP Number)
August 31, 2016
(Date of Event Which Requires Filing of this Statement)
Check the
appropriate box to designate the rule pursuant to which this Schedule is filed:
¨ Rule
13d-1(b)
x Rule 13d-1(c)
¨ Rule 13d-1(d)
| * | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. |
The information required in the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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Page 2 of 9 – SEC Filing
| CUSIP No. 83190B101 |
| 1 | Names Glenhill Advisors, LLC | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 2,797,145 | ||||
| 6 | Shared Voting Power 968,162 | |||||
| 7 | Sole Dispositive Power 3,765,307 | |||||
| 8 | Shared Dispositive Power 0 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,765,307 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 5.1% | |||||
| 12 | Type of Reporting Person (See IA, HC | |||||
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Page 3 of 9 – SEC Filing
| CUSIP No. 83190B101 |
| 1 | Names Glenn J. Krevlin | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of United States | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 2,797,145 | ||||
| 6 | Shared Voting Power 968,162 | |||||
| 7 | Sole Dispositive Power 3,765,307 | |||||
| 8 | Shared Dispositive Power 0 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,765,307 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 5.1% | |||||
| 12 | Type of Reporting Person (See IN, HC | |||||
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Page 4 of 9 – SEC Filing
| CUSIP No. 83190B101 |
| 1 | Names Glenhill Capital Advisors, LLC | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 0 | ||||
| 6 | Shared Voting Power 3,765,307 | |||||
| 7 | Sole Dispositive Power 0 | |||||
| 8 | Shared Dispositive Power 3,765,307 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 3,765,307 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 5.1% | |||||
| 12 | Type of Reporting Person (See IA, HC | |||||
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Page 5 of 9 – SEC Filing
| CUSIP No. 83190B101 |
| 1 | Names Glenhill Capital Management, LLC | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 0 | ||||
| 6 | Shared Voting Power 2,797,145 | |||||
| 7 | Sole Dispositive Power 0 | |||||
| 8 | Shared Dispositive Power 2,797,145 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 2,797,145 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 3.8% | |||||
| 12 | Type of Reporting Person (See IA, HC | |||||
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Page 6 of 9 – SEC Filing
| Item 1(a). | Name of Issuer: | |
| Smart & Final Stores, Inc. | ||
| Item 1(b). | Address of Issuers Principal Executive Offices: | |
| 600 Citadel Drive | ||
| Commerce, CA 90040 | ||
| Item 2(a). | Name of Person Filing: | |
| Glenhill Advisors, LLC, Glenn J. Krevlin, Glenhill Capital Advisors, LLC and Glenhill Capital Management, LLC. | ||
| Glenn J. Krevlin, is the managing member and control person of Glenhill Advisors, LLC, and is the sole shareholder of Krevlin Management, Glenhill Capital Advisors, LLC is also the investment manager for certain third party accounts for which shares of the Issuer are held and managed by one or | ||
| Item 2(b). | Address of Principal Business Office or, if none, Residence: | |
| 600 Fifth Avenue, 11th Floor | ||
| New York, NY 10020 | ||
| Item 2(c). | Citizenship: | |
| See the response(s) to Item 4 on the attached cover page(s). | ||
| Item 2(d). | Title of Class of Securities: | |
| Common Stock | ||
| Item 2(e). | CUSIP Number: | |
| 83190B101 | ||
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Page 7 of 9 – SEC Filing
| Item 3. | If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: | |
| Not Applicable | ||
| Item 4. | Ownership. | |
| Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1: | ||
| (a) Amount Beneficially owned: | ||
| See the response(s) to Item 9 on the attached cover page(s). | ||
| (b) Percent of Class: | ||
| See the response(s) to Item 11 on the attached cover page(s), which was determined by dividing the number of shares | ||
| (c) Number of shares as to which the person has: | ||
| (i) Sole power to vote or to direct the vote: | ||
| See the response(s) to Item 5 on the attached cover page(s). | ||
| (ii) Shared power to vote or to direct the vote: | ||
| See the response(s) to Item 6 on the attached cover page(s). | ||
| (iii) Sole power to dispose or to direct the disposition of: | ||
| See the response(s) to Item 7 on the attached cover page(s). | ||
| (iv) Shared power to dispose or to direct the disposition of: | ||
| See the response(s) to Item 8 on the attached cover page(s). | ||
| Item 5. | Ownership of Five Percent or Less of a Class. | |
| Not Applicable. | ||
| Item 6. | Ownership of More Than Five Percent on Behalf of Another Person. | |
| Not Applicable. | ||
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | |
| Not Applicable. | ||
| Item 8. | Identification and Classification of Members of the Group. | |
| Not Applicable. | ||
| Item 9. | Notice of Dissolution of Group. | |
| Not Applicable. | ||
| Item 10. | Certifications. | |
| By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. | ||
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Page 8 of 9 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
DATE: September 12, 2016
| GLENHILL ADVISORS, LLC | ||
| By: | /s/ GLENN J. KREVLIN | |
| Name: | Glenn J. Krevlin | |
| Title: | Managing Member | |
| /s/ GLENN J. KREVLIN | ||
| Name: | Glenn J. Krevlin | |
| GLENHILL CAPITAL ADVISORS, LLC | ||
| By: | KREVLIN MANAGEMENT, INC. | |
| Managing Member | ||
| By: | /s/ GLENN J. KREVLIN | |
| Name: | Glenn J. Krevlin | |
| Title: | President | |
| GLENHILL CAPITAL MANAGEMENT, LLC | ||
| By: | GLENHILL ADVISORS, LLC | |
| Managing Member | ||
| By: | /s/ GLENN J. KREVLIN | |
| Name: | Glenn J. Krevlin | |
| Title: | Managing Member | |
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Page 9 of 9 – SEC Filing
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |
| 99.1 | Joint Filing Agreement, dated September 12, 2016 | |
