Kingswood Capital Management has acquired Modesto, California-based Save Mart, an operator of grocery stores. No financial terms were disclosed. Kirkland and Ellis, LLP served as legal advisor to Kingswood on the transaction.
MODESTO, Calif., March 28, 2022 /PRNewswire/ — Today, The Save Mart Companies announced that Kingswood Capital Management LP (“Kingswood”) has acquired the company. Kingswood is an operationally- focused private equity firm based in Los Angeles, with significant experience in the retail sector. Terms of the transaction were not disclosed.
Headquartered in Modesto, California, The Save Mart Companies is committed to sourcing a wide variety of local products across approximately 200 stores and serves communities throughout California and Northern Nevada. The company operates stores under the banners of Save Mart, Lucky California, and FoodMaxx. In addition to its retail operation, the company 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.
“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 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 existing Northern California presence. It already owns Alameda-based Cost Plus World Market, which it acquired in January 2021 from Bed Bath and Beyond, and Mare Island based 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. “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, LLP served as legal advisor to Kingswood on the transaction.
About The Save Mart Companies
The Save Mart Companies, a Kingswood Capital Management, LP portfolio company and a California- based grocer, operates approximately 200 Save Mart, Lucky California, and FoodMaxx stores in the California Central Valley and Northern Nevada. In addition to its retail operation, the company 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. We are proud to be California’s largest regional, full-service grocery chain throughout the region, and that our 14,000 team members take extra care to help provide customers with the freshest foods for their families at affordable prices.