Save Mart Sold To Southern California Firm
Modesto, CA — A longtime Central Valley-based grocery chain has been sold to a private equity firm in Los Angeles.
Save Mart Companies has been acquired by Kingswood Capital Management. Headquartered in Modesto, Save Mart has nearly 200 stores under the banners of Save Mart, Lucky California and FoodMaxx. It has 14,000 employees. There are two stores in Sonora and one in Angels Camp.
“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. “The Piccinini family (founders) 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.”
In addition to its retail operation, Save Mart also operates SMART Refrigerated Transport and is a partner in Super Store Industries (“SSI”), which owns and operates a distribution center in Lathrop, and the Sunnyside Farms dairy processing plant in Turlock. The first Save Mart store opened in Modesto in 1952.
Terms of the sale were not disclosed. No immediate operational changes were announced.
Kingswood Capital Management, LP is a private investment firm primarily focused on investing in businesses in transition. It also owns Alameda-based Cost Plus World Market, which it acquired in January of last year.