The Save Mart Companies have announced that they've been bought by a Los Angeles-based private equity firm, ending 70 years of Central Valley ownership of the popular grocery chain.
Today, The Save Mart Companies, which includes Save Mart, Lucky California, and FoodMaxx grocery stores, was acquired by Kingswood Capital Management LP. The companies announced the news in a joint statement on Monday morning.
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.
In a release on their website, The Save Mart Companies CEO Chris McGarry said, "I’m excited for this opportunity with Kingswood to invest in and grow The Save Mart Companies family of stores."
Kingswood Capital Management, LP is a private investment firm primarily focused on investing in businesses in transition. The company acquired Alameda-based Cost Plus World Market in January 2021. The private equity firm also owns Bed Bath & Beyond.
“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. “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.”
