The Save Mart Companies Acquired by Kingswood Capital Management; Chris McGarry and Alex Wolf Comment
MODESTO, CA - A major acquisition has taken place in AndNowUKnow’s own backyard. Modesto, California-based The Save Mart Companies revealed yesterday that it had been acquired by private equity firm Kingswood Capital Management.
“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.”
Operating under the banners of Save Mart, Lucky California, and FoodMaxx, The Save Mart Companies is comprised of roughly 200 stores across California and Northern Nevada. The company also operates SMART Refrigerated Transport and is a partner in Super Store Industries, according to a press release.
Kingswood 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.
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