You know we love the word acquisition around here, which is why Save Mart’s latest news caught our attention. It was announced that the Jim Pattison Group has acquired The Save Mart Companies—including its Lucky and FoodMaxx stores. The Modesto Bee reported that Save Mart will continue to operate out of Modesto, California, with business proceeding as usual and no planned changes to its employees or current management.
“This acquisition supports our group’s desire to continue our growth in the retail food business,” Jim Pattison President Ryan Barrington-Foote said in the publication.
Just a couple of years ago, Save Mart Companies revealed that it had been acquired by private equity firm Kingswood Capital Management.
As a diversified holding company operating primarily in the United States and Canada, The Jim Pattison Group accounts for diverse operating divisions, including agricultural equipment, food and beverage, entertainment, exporting, financial, real estate industries, and more.
As of 2022, when this previous acquisition took place, The Save Mart Companies was comprised of roughly 200 stores across California and Northern Nevada operating under the banners of Save Mart, Lucky California, and FoodMaxx.
The terms of the Kingswood transaction were not disclosed. Kirkland and Ellis served as the legal advisor to Kingswood.
DMN will be sure to report as we learn more about the transaction.
