MODESTO, Calif. — According to a press release from Save Mart, Kingswood Capital Management LP has acquired the company's grocery store chains and its refrigerated transportation company.
Kingswood is a private equity firm from Los Angeles. Reasons as to why it's being sold were not provided.
The Save Mart is based in Modesto. There are more than 200 stores that serve communities throughout California and Northern Nevada. In addition to the Save Mart chain, it also owns the Lucky California, and FoodMaxx chains. They also operate SMART Refrigerated Transport and are partners in the Super Store Industries.
“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. "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.”
According to Alex Wolf, Managing Partner and Founder of Kingswood, his goal is to make good businesses even better.
“[Save Mart]'s 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,” Wolf said.
