Save Mart Companies acquired by Kingswood Capital Management

Modesto, Calif.-based The Save Mart Cos., which operates more than 200 retail stores under the banners of Save Mart, Lucky California and FoodMaxx, has a new owner.

First covered by Store Brands’ sister publication Progressive Grocer, The Save Mart Cos. has been acquired by Kingswood Capital Management LP, an operationally focused private-equity firm based in Los Angeles, with significant experience in the retail sector. Terms of the transaction haven’t been disclosed.

The Save Mart Cos. recently announced the expansion of its private label offerings with a wide selection of new private brands.

“I’m excited for this opportunity with Kingswood to invest in and grow The Save Mart Cos. family of stores,” said Save Mart CEO Chris McGarry. “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 acquisition, Kingswood is expanding its existing Northern California presence. The firm already owns Alameda, Calif.-based specialty/import retailer Cost Plus World Market, which it acquired in January 2021 from Bed Bath and Beyond, and Mare Island, Calif.-based Lind Marine, a diversified marine services business north of the San Francisco Bay, which it recapitalized this past January. 

“At Kingswood, our goal is to make good businesses even better, and The Save Mart Cos. presents us with a great opportunity to do so,” said Alex Wolf, the firm’s managing partner and founder. “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.”