The Save Mart Companies has been acquired by Kingswood Capital Management LP, a private equity firm with experience in the retail sector. Terms of the transaction were not disclosed.
Headquartered in Modesto, California, The Save Mart Companies sources a wide variety of local products across approximately 200 stores and serves communities throughout California and Northern Nevada.
The company operates under the banners of Save Mart, Lucky California, and FoodMaxx. In addition to its retail operation, the company operates Smart Refrigerated Transport and is a partner in Super Store Industries, which owns and operates a distribution center in Lathrop, California and the Sunnyside Farms dairy processing plant in Turlock, California.
"I'm excited for this opportunity with Kingswood to invest in and grow The Save Mart Companies family of stores," said Chris McGarry, CEO of The Save Mart Companies, in a statement. "The Piccinini family did a tremendous job in fostering a commitment to innovation and service as they built and grew this company in the Central Valley and throughout California. As a result, we have great stores and a committed team of 14,000 employees who provide fantastic local products and are wonderful stewards of the communities in which they live and work. While this change in ownership will be transparent to our team and customers, we know that this investment will benefit them and the communities we serve.”
With the addition of The Save Mart Companies, Kingswood is expanding its Northern California presence. It already owns Alameda-based Cost Plus World Market, which it acquired in January 2021 from Bed Bath and Beyond, and Lind Marine, a diversified marine services business headquartered north of the San Francisco Bay, which it recapitalized in January 2022.
"At Kingswood, our goal is to make good businesses even better, and The Save Mart Companies presents us with a great opportunity to do so," said Alex Wolf, managing partner and founder of Kingswood, in a statement. "Their 70 years of history in the Central Valley provides a strong foundation for future profitable growth, and we look forward to working with Chris and the team to position these iconic grocery brands for the future."
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