Photo via Save Mart

The Save Mart Companies announced today the acquisition of the grocery chain by Kingswood Capital Management LP, a Los Angeles-based private equity firm that has significant experience in the retail sector. Terms of the transaction were not immediately made public. 

The Save Mart Companies is headquartered in Modesto and is committed to sourcing varieties of local products throughout its stores in California and Northern Nevada. It has more than 200 locations in its footprint — 82 Save Mart stores, 68 Lucky California locations and 53 FoodMaxx stores.

The company is also in the process of expanding into delivery technology, introducing SMART robotic transportation options in two of their stores, with plans to expand the service in the works. 

“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. “The Piccinini family did a tremendous job in fostering 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.”

Kingswood’s addition of The Save Mart Companies continues its expansion into the Northern California area; the firm owns Alameda-based Cost Plus World Market and Mare Island-based Lind Marine, a marine services business headquartered north of San Francisco.

Since opening its first location in 1952, Save Mart has expanded throughout California as a leading retail option for grocery shoppers. Today it has annual sales of around $4 billion.

“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.