The Save Mart Companies has been acquired by Kingswood Capital Management LP, a private equity firm based in Los Angeles with significant retail experience. Terms of the transaction were not disclosed.
The Save Mart Companies, which is headquartered in Modesto, California, operates 204 stores under the Save Mart, Lucky California and FoodMaxx banners, and has stores in California and Northern Nevada. The company also operates SMART Refrigerated Transport and is a partner in Super Store Industries.
The company was founded in 1952 and has been run by the Piccininis family and was California’s largest family-owned grocer up until the acquisition.
With the addition of The Save Mart Companies, Kingswood expands its prescense in Northern California. Kingswood also owns Cost Plus World Market, which it acquired in January 2021 from Bed Bath and Beyond.