Updated from 8:53 a.m. EDT

NEW YORK ( TheStreet) -- 99 Cents Only Stores ( NDN) finally made a sale.

The dollar store will be sold to private-equity firm Ares Management, Canada Pension Plan Investment Board and the Gold/Schiffer family for $22 a share, or $1.6 billion.

The deal represents a 32% premium over 99 Cents' closing price on March 10, the day prior to public disclosure that the company received a takeover bid.

99 Cents Stores has been making significant strides to overhaul its business and is about two years away from hitting its stride when it comes to efficiency.

David Gold is the company's co-founder and chairman, while Eric Schiffer, Gold's son-in-law, is chief executive.

Apollo Group was originally pegged to acquire the company, with the New York Post reporting in September that the firm was looking to make an offer between $22 and $24 a share.

Leonard Green previously made an offer of $19.09 a share, or $1.34 billion, earlier in the year, but Wall Street criticized the bid as being too low.

Shares of 99 Cents rose 4.3% to $21.38 in premarket trading Tuesday.

- Reported by Jeanine Poggi in New York.

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