99 Cents Only Stores (also branded as The 99 Store, and 99¢ Only Stores) is a leading operator of extreme value stores in California and the Southwestern United States. Founded in 1982, the chain offers a broad assortment of name-brand closeouts and other attractively priced merchandise and compelling seasonal product offerings, including basic grocery items. The chain also operates Bargain Wholesale. In 2012, the company was acquired by Ares Management and Canadian Pension Plan Investment Board for $1.6B. The private company is estimated to generate approximately $730M in annual revenues, and employs over 15,000 people across all locations. In early 2023, the company operated over 375 stores located across California, Arizona, Nevada, and Texas, employing more than 10,000 people. 99 Cents Only Stores peak revenue was $2.1B in 2021. 99 Cents Only Stores, LLC has a S&P rating of CCC and a long term credit rating of Caa2 from Moody’s. They are headquartered in Commerce, CA.

Ares Management Corporation is a global investment manager operating in the credit, private equity and real estate markets. The company was founded in 1997 with offices across North America, Europe, and Asia. As of September 2021, Ares Management Corporation's global platform had approximately $295B of assets under management and 1,500 employees operating across North America, Europe, Asia Pacific and the Middle East. The company has a S&P rating of BBB+. In 2022 they had a market cap of $20.21B and a revenue of $3.05B.

The Canada Pension Plan Investment Board is an investment management committee that invests surplus funds not needed by the Canada Pension Plan. Established in 1997, CPP Investments is one of the world's largest investors in private equity. It operates at arm's length from the Government of Canada and solely manages CPP contributions paid by workers and employers, not public funds. At the end of 2022, the CPP Investment Board had over C$536B in assets under management for the Canada Pension Plan on behalf of 21 million Canadians.