A Los Angeles private equity firm announced Monday it has acquired Central Valley grocery store owner The Save Mart Cos. Modesto-based Save Mart has about 200 stores in California and northern Nevada, including the Lucky California and FoodMaxx brands. It also operates a refrigerated transport company and is co-owner of a distribution center in Lathrop and a dairy processing plant in Turlock. Terms of Save Mart’s purchase by Kingswood Capital Management LP were not disclosed.
The Save Mart Cos. operates Save Mart and FoodMaxx stores in Kern County. It said in a news release the transaction will be transparent to customers and its 14,000 employees. In January 2021, Kingswood purchased Alameda-based Cost Plus World Market. It also owns a marine services business. “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,” Alex Wolf, Kingswood’s founder and managing partner, said in the same release. “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.”