Here are five things to know about Save Mart’s new owner, Kingswood Capital LP
Save Mart Supermarkets announced Monday that they had been acquired by a Los Angeles-based private equity firm, ending 70 years of local ownership for the Modesto-born chain.
The chain — which includes Save Mart, Lucky California, and FoodMaxx grocery stores — was acquired by Kingswood Capital Management LP. In the joint acquisition announcement, Kingswood called itself an “operationally focused” firm that was expanding its Northern California presence with the purchase.
Here are five things to know about Kingswood Capital Management LP.
The company was founded in 2013, and specializes in investment in “lower-middle market” companies in fields such as business services, consumer, energy, industrials and retail, among others.
According to pitchbook.com, “the firm specializes in corporate divestitures, buyouts of family-and entrepreneur-owned businesses, operational turnarounds, bankruptcies and restructurings, and public-to-private investments.”
Kingswood owns Cost Plus World Market.
The company acquired the Alameda-based specialty retailer in January 2021 from its parent company, Bed Bath & Beyond. According to SEC filings, Bed Bath & Beyond sold Cost Plus World Market for $110 million. The company, which operates 245 stores nationwide, including a location in Modesto, sells home goods, and specialty food and drinks, specializing in imported products from around the world.
The sale came as Bed Bath & Beyond continued to streamline its company in wake of earnings losses due to the coronavirus pandemic.
The company also owns Mountain Equipment Company (MEC), a chain of Canadian stores that sell outdoor recreation gear. Kingswood acquired MEC in October 2020.
Another company asset is Lind Marine, which provides “dredging, barge and tug services throughout the San Francisco Bay and Delta, and the Sacramento and San Joaquin Rivers,” according to Kingswood’s website. Lind Marine specializes in handling and moving bulk materials for the agricultural and construction industries.
To help fund The Bee’s economic development reporter with Report for America, go to https://bit.ly/ModestoBeeRFAThis story was produced with financial support from the Stanislaus Community Foundation, along with the GroundTruth Project’s Report for America initiative. The Modesto Bee maintains full editorial control of this work.
