Smart & Final Stores Inc. (SFS): Glenhill Advisors Increases its Stake

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.

Glenn Krevlin

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
of Reporting Persons

Glenhill Advisors, LLC

  2

Check the Appropriate Box if a
Member of a Group (See Instructions)

(a)  ¨        (b)  x

  3

SEC Use Only

  4

Citizenship or Place of
Organization

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With:

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
Row (9) Excludes Certain Shares (See Instructions)

¨

11

Percent of Class Represented by
Amount in Row (9)

5.1%

12

Type of Reporting Person (See
Instructions)

IA, HC

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Page 3 of 9 – SEC Filing


CUSIP No. 83190B101
  1 

Names
of Reporting Persons

Glenn J. Krevlin

  2

Check the Appropriate Box if a
Member of a Group (See Instructions)

(a)  ¨        (b)  x

  3

SEC Use Only

  4

Citizenship or Place of
Organization

United States

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With:

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
Row (9) Excludes Certain Shares (See Instructions)

¨

11

Percent of Class Represented by
Amount in Row (9)

5.1%

12

Type of Reporting Person (See
Instructions)

IN, HC

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Page 4 of 9 – SEC Filing


CUSIP No. 83190B101
  1 

Names
of Reporting Persons

Glenhill Capital Advisors, LLC

  2

Check the Appropriate Box if a
Member of a Group (See Instructions)

(a)  ¨        (b)  x

  3

SEC Use Only

  4

Citizenship or Place of
Organization

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With:

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
Row (9) Excludes Certain Shares (See Instructions)

¨

11

Percent of Class Represented by
Amount in Row (9)

5.1%

12

Type of Reporting Person (See
Instructions)

IA, HC

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Page 5 of 9 – SEC Filing


CUSIP No. 83190B101
  1 

Names
of Reporting Persons

Glenhill Capital Management, LLC

  2

Check the Appropriate Box if a
Member of a Group (See Instructions)

(a)  ¨        (b)  x

  3

SEC Use Only

  4

Citizenship or Place of
Organization

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With:

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
Row (9) Excludes Certain Shares (See Instructions)

¨

11

Percent of Class Represented by
Amount in Row (9)

3.8%

12

Type of Reporting Person (See
Instructions)

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,
Inc. Krevlin Management, Inc. is the managing member of Glenhill Capital Advisors, LLC, which is the investment manager of Glenhill Capital Overseas Master Fund, LP and Glenhill Long Fund, LP, each a security holder of the Issuer. Glenhill Advisors,
LLC is the managing member of Glenhill Capital Management, LLC. Glenhill Capital Management, LLC is the managing member of Glenhill Long GP, LLC, and is sole shareholder of Glenhill Capital Overseas GP, Ltd. Glenhill Capital Overseas GP, Ltd. is
general partner of Glenhill Capital Overseas Master Fund, LP. Glenhill Long GP, LLC is the general partner of Glenhill Long Fund, LP.

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
more of the Reporting Persons for the benefit of such third parties. Such Reporting Persons have dispositive power and share certain voting power with respect to such shares, and receive management fees and performance-related fees in connection
therewith. As of the date of this filing, there are 968,162 shares of Common Stock of the Issuer held in such third party managed accounts, and the securities reported on the attached cover page(s) include such shares.

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
beneficially held by the Reporting Person by 73,903,721, the number of shares of Common Stock issued and outstanding as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on July 29, 2016.

(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

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