[SCHEDULE 13G/A] Savers Value Village, Inc. SEC Filing

Rhea-AI Filing Summary

Ares-affiliated entities filed a Schedule 13G/A reporting collective beneficial ownership of 117,449,188 shares of Savers Value Village, Inc. (CUSIP 80517M109), representing 75.5% of the outstanding common stock. The filing states the ownership amounts are reported as of June 30, 2025, and cites 155,555,984 shares outstanding as of July 28, 2025 per the issuer's quarterly report.

The filing breaks down holdings by affiliated funds and managers: Ares Corporate Opportunities Fund V, L.P. holds 66,010,098 shares (42.4%), ASOF Holdings I, L.P. holds 32,609,674 shares (21.0%), and ASSF-related entities hold 8,693,796 and 7,945,865 shares respectively. The submission also describes the ownership and management chain among Ares entities and discloses governance details, including board members of Ares Partners and that Antony P. Ressler generally has veto authority.

Positive

• Transparent disclosure of precise beneficial ownership across Ares entities, including per-entity share counts and percentages
• Clear reporting of outstanding shares used for percentage calculations: 155,555,984 shares outstanding (as of July 28, 2025)
• Detailed organizational chain and signatory evidence showing which Ares entities and authorized signatories filed the statement

Negative

• Highly concentrated ownership (117,449,188 shares; 75.5%) materially reduces public float and concentrates voting control
• Governance concentration: filing discloses that Antony P. Ressler generally has veto authority, indicating centralized decision power within the Ares board structure

Insights

Financial Analyst

TL;DR: Ares entities report a dominant 75.5% stake in SVV, a material concentration that substantially reduces public float and centralizes voting control.

The filing documents that affiliates of Ares collectively beneficially own 117,449,188 shares of Savers Value Village, equal to 75.5% of the 155,555,984 shares outstanding cited. From a market-structure perspective, this level of concentration is material: it removes a large portion of the free float and centralizes voting power with the Ares group and its governance chain. The filing lists precise holdings (for example, ACOF V: 66,010,098 shares; ASOF Holdings I: 32,609,674 shares) and identifies the related management entities, which clarifies the control pathway but also highlights limited liquidity for other investors.

Corporate Governance Expert

TL;DR: The Schedule 13G/A discloses a clear ownership chain and governance relationships, including a stated veto authority for Antony P. Ressler.

The filing details the structure through which Ares entities hold and manage the reported shares, naming managing entities and the board of managers for Ares Partners. It explicitly notes that Antony P. Ressler generally has veto authority over Board Members' decisions, a governance feature disclosed in the statement. The document also contains the signatures and authorized signatories for each reporting entity, confirming formal attestation. For stakeholders, the filing provides transparent identification of who holds voting and dispositive power within the Ares group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Savers Value Village, Inc.

(Name of Issuer)

Common Stock, par value $0.000001 per share

(Title of Class of Securities)

80517M109

(CUSIP Number)

06/30/2025

(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)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

ASSF IV AIV B Holdings III, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,693,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,693,796.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,693,796.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

ASSF IV AIV B, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,945,865.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,945,865.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,945,865.00

10

Check box 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)

PN

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

ASSF Operating Manager IV, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 18,829,416.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,829,416.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,829,416.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

ASOF Holdings I, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 32,609,674.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 32,609,674.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

32,609,674.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

21.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

ASOF Investment Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 32,609,674.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 32,609,674.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

32,609,674.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

21.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Corporate Opportunities Fund V, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 66,010,098.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 66,010,098.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

66,010,098.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

42.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

ACOF Investment Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 66,010,098.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 66,010,098.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

66,010,098.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

42.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 117,449,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 117,449,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,449,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

75.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Management Holdings L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 117,449,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 117,449,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,449,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

75.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Holdco LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 117,449,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 117,449,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,449,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

75.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Management Corporation

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 117,449,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 117,449,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,449,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

75.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Voting LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 117,449,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 117,449,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,449,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

75.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Management GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 117,449,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 117,449,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,449,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

75.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 80517M109

1

Names of Reporting Persons

Ares Partners Holdco LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 117,449,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 117,449,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

117,449,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

75.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Savers Value Village, Inc.
(b)	Address of issuer's principal executive offices: 11400 S.E. 6th Street, Suite 125, Bellevue, WA, 98004
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons" or the "Ares Entities." This statement is filed on behalf of: ASSF IV AIV B Holdings III, L.P. ("ASSF IV AIV Holdings") ASSF IV AIV B, L.P. ("ASSF IV AIV") ASSF Operating Manager IV, L.P. ASOF Holdings I, L.P. ("ASOF Holdings I") ASOF Investment Management LLC Ares Corporate Opportunities Fund V, L.P. ("ACOF V") ACOF Investment Management LLC Ares Management LLC Ares Management Holdings L.P. Ares Holdco LLC Ares Management Corporation ("Ares Management") Ares Voting LLC Ares Management GP LLC Ares Partners Holdco LLC ("Ares Partners")
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is c/o Ares Management LLC, 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067.
(c)	Citizenship: The Reporting Persons are each organized under the laws of the State of Delaware.
(d)	Title of class of securities: Common Stock, par value $0.000001 per share
(e)	CUSIP No.: 80517M109
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:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4. The ownership information presented herein represents beneficial ownership of the shares of Common Stock as of June 30, 2025, based upon 155,555,984 shares of Common Stock outstanding as of July 28, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2025. Includes 8,693,796 shares held by ASSF IV AIV Holdings, 7,945,865 shares held by ASSF IV AIV, 32,609,674 shares held by ASOF Holdings I and 66,010,098 shares held by ACOF V. Also includes 2,189,755 shares held by an account managed by ASSF Operating Manager IV, L.P. with respect to which the Ares Entities may be deemed to have shared voting or dispositive power. Ares Partners is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management, which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC, which is: (i) the sole member of ACOF Investment Management LLC, which is the manager of ACOF V; (ii) the general partner of ASSF Operating Manager IV, L.P., which is the manager of each of ASSF IV AIV Holdings and ASSF IV AIV; and (iii) the sole member of ASOF Investment Management LLC, which is the manager of ASOF Holdings I. Each of the Ares Entities may be deemed to share beneficial ownership of the securities reported herein, but each disclaims any such beneficial ownership of securities not held of record by them. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners.
(b)	Percent of class: See Item 11 of each of the cover pages hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of each of the cover pages hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 of each of the cover pages hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of each of the cover pages hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of each of the cover pages hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 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:
	Not Applicable

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.

ASSF IV AIV B Holdings III, L.P.

Signature:	By: ASSF Operating Manager IV, L.P., its manager, /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

ASSF IV AIV B, L.P.

Signature:	By: ASSF Operating Manager IV, L.P., its manager, /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

ASSF Operating Manager IV, L.P.

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

ASOF Holdings I, L.P.

Signature:	By: ASOF Investment Management LLC, its manager, /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

ASOF Investment Management LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Corporate Opportunities Fund V, L.P.

Signature:	By: ACOF Investment Management LLC, its manager, /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

ACOF Investment Management LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Management LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Management Holdings L.P.

Signature:	By: Ares Holdco LLC, its general partner, /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Management Corporation

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Voting LLC

Signature:	By: Ares Partners Holdco LLC, its sole member, /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Management GP LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Partners Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Exhibit Information

Exhibit 99: Joint Filing Agreement (previously filed).

FAQ

How many SVV shares do Ares entities report owning?

The filing reports 117,449,188 shares beneficially owned by Ares-affiliated entities, representing 75.5% of SVV outstanding stock.

What is the total number of Savers Value Village (SVV) shares outstanding used in the filing?

The filing cites 155,555,984 shares of common stock outstanding as of July 28, 2025.

Which Ares funds hold the largest reported stakes in SVV?

Ares Corporate Opportunities Fund V, L.P. holds 66,010,098 shares (42.4%) and ASOF Holdings I, L.P. holds 32,609,674 shares (21.0%), as reported.

Does the filing identify who signed the Schedule 13G/A for Ares?

Yes; authorized signatories include Evan Hoole for several reporting entities and Anton Feingold for Ares Management and related entities, with signature dates of 08/13/2025.

Does the filing disclose any governance features of Ares Partners?

Yes; the filing states the Board Members of Ares Partners and explicitly notes that Antony P. Ressler generally has veto authority over Board Members' decisions.