Save Mart changes owners again, and the new company is larger and headquartered in Canada.
Driving the news: Save Mart Companies has been acquired by The Jim Pattison Group, a Canadian company, marking the second ownership change in two years for Save Mart.
- The sale includes Lucky and FoodMaxx stores, with Save Mart continuing to operate with its existing management team and employees under the new ownership.
- The acquisition by The Jim Pattison Group aligns with their goal of expanding in the retail food business, as stated by President Ryan Barrington-Foote.
- Executive Chairman Shane Sampson and the grocer’s leadership team will remain on. Save Mart’s headquarters will also remain in Modesto.
The backstory: In 2021, Save Mart appointed its first CEO from outside the Piccinini family, and in the following year, it was sold to Kingswood Capital Management LP.
- The Jim Pattison Group is a diverse holding company based in Vancouver, British Columbia, The Jim Pattison Group operates in multiple industries across the US and Canada with significant annual sales and workforce across various divisions.
- The company operates various divisions ranging from automotive, advertising, media, agriculture, food, entertainment, real estate, and more, highlighting the diversity and scale of their business portfolio.
- The Pattison Group’s portfolio includes renowned brands like Guinness World Records, Great Wolf Lodge, Ripley Entertainment, and multiple food and beverage companies, showcasing a wide-ranging business presence.
