Private equity firm acquires Save Mart

California’s largest family-owned grocery, The Save Mart Companies, has been acquired. Los Angeles-based PE firm Kingswood Capital Management purchased the company for an undisclosed amount, it announced yesterday.

• Kingswood’s portfolio also includes Alameda, California-based furniture and decor retailer Cost Plus World Market (which it bought from Bed Bath & Beyond last year) along with Canadian outdoor-gear chain MEC.

Kingswood founder and managing partner Alex Wolf said in a statement that Save Mart has “a strong foundation for future profitable growth,” and will help the firm grow its existing Northern California presence.

Save Mart operates stores under the Save Mart, Lucky California, and FoodMaxx banners, spanning ~200 locations throughout California and Northern Nevada, and also owns Smart Refrigerated Transport.

• The grocer, which celebrated its 70th anniversary earlier this month, has 14,000 employees and sales of ~$4 billion annually.

Zoom out: The acquisition is the latest in a string of grocery-biz consolidations as small players compete with giants like Amazon and Kroger. Last February, Price Chopper/Market 32 and Tops Markets announced a merger in a move they said would boost the grocers’ “ability to compete on every level.” In May, the Bodega Latina Corporation bought Smart & Final, followed by family-owned supermarket chain Raley’s purchase of Arizona-based Bashas’ in December.—EC