March 28, 2022 — Today, Save Mart announced it has been acquired by Kingswood Capital Management LP, a private equity firm based in Los Angeles. Details of the transaction have not been disclosed and UFCW 8-Golden State was not made aware of the pending sale until after the recent tentative contract agreement was reached.
Nevertheless, our members can rest assured they have the benefit of solid successor language which guarantees they will continue to enjoy the benefits of their Union memberships and labor contracts.
Many of our members have been through similar situations before as store banners in Northern California have changed between Ralphs, Lucky, Albertsons and Save Mart. Having their Union contract through these changes has remained constant.
We look forward to working with Kingswood Capital Management as we continue serving the interests of nearly 6,000 Union employees at Save Mart, Lucky, FoodMaxx and other locations across California.
“Our Union intends to maintain its longstanding constructive relationship with The Save Mart Companies,” President Jacques Loveall said. “This relationship is highlighted by strong collective bargaining agreements which protect and improve the lives of our members. The company and the public also will continue to benefit by being served by a content and professional workforce.”