From our Sacramento, California, office, the Deli Market News team was more than surprised to hear of a major acquisition taking place for The Save Mart Companies. Earlier this week, news surfaced that the Modesto, California-based retailer was acquired by Kingswood Capital Management, a private equity firm.
“I’m excited for this opportunity with Kingswood to invest in and grow The Save Mart Companies family of stores,” said Chris McGarry, Chief Executive Officer of The Save Mart Companies. “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 roughly over 200 stores across California and northern Nevada, The Save Mart Companies operates under the banners of Save Mart, Lucky California, and FoodMaxx. The company also operates SMART Refrigerated Transport and is a partner in Super Store Industries, according to a press release.
This acquisition gives Kingswood an advantage as it is now expanding its existing Northern California presence, with an Alameda-based Cost Plus World Market and Mare Island-based Lind Marine operation within its portfolio.
“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.”
Kirkland and Ellis served as the legal advisor to Kingswood. Terms of the transaction were not disclosed.
Deli Market News will keep a tab on the retail changes and shifts in the industry.
