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FRESNO, Calif. (KSEE/KGPE) — In a news release, Save Mart Companies announced Monday that it has been purchased by Kingswood Capital Management, LP, a private investment firm.

Save Mart Companies, headquartered in Modesto, operates approximately 200 stores throughout California and Northern Nevada, including Save Mart, Lucky California and FoodMaxx.

Kingswood Capital Management, based in Los Angeles, adds Save Mart Companies to their expanding Northern California presence which includes a Jan. 2021 purchase of Cost Plus World Market, the company said Monday.

“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.

Representatives from Save Mart Companies said they’re excited for Kingswood to invest and grow the store chain.

“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,” said Chris McGarry, CEO of The Save Mart Companies. “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.”

Representatives from Save Mart Companies say the change in ownership will be “transparent to our team and customers.”