News Briefs

  • 3/27/2022

    Save Mart to be acquired by Kingswood Capital Management

    Hands transferring a company

    The Save Mart Companies announced that Kingswood Capital Management has acquired the company. Kingswood is an operationally focused private equity firm based in Los Angeles, with significant experience in the retail sector.

    Terms of the transaction were not disclosed.

    Headquartered in Modesto, California, The Save Mart Companies is committed to sourcing a wide variety of local products across approximately 200 stores and serves communities throughout California and Northern Nevada. The company operates stores under the banners of Save Mart, Lucky California and FoodMaxx. In addition to its retail operation, the company also operates Smart Refrigerated Transport and is a partner in Super Store Industries, which owns and operates a distribution center in Lathrop, and the Sunnyside Farms dairy processing plant in Turlock.

    "I'm excited for this opportunity with Kingswood to invest in and grow The Save Mart Companies family of stores," said Chris McGarry, CEO of The Save Mart Companies. "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. 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. While this change in ownership will be transparent to our team and customers, we know that this investment will benefit them and the communities we serve."

    With the addition of The Save Mart Companies, Kingswood is expanding its existing Northern California presence. It already owns Alameda-based Cost Plus World Market, which it acquired in January 2021 from Bed Bath and Beyond, and Mare Island-based Lind Marine, a diversified marine services business headquartered north of the San Francisco Bay, which it recapitalized in January 2022.

    "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. "Their 70 years of history in the Central Valley provides a strong foundation for future profitable growth, and we look forward to working with Chris and the team to position these iconic grocery brands for the future."

    Kirkland and Ellis served as legal advisor to Kingswood on the transaction.

  • 3/27/2022

    Red Bull launches new strawberry apricot flavor in time for summer

    Red Bull Edition Strawberry Apricot

    With summer on the horizon, Red Bull is launching a limited-time flavor: Strawberry Apricot. The latest addition to the Red Bull Edition series will be available nationwide on May 1, just in time for warmer temperatures.

    Red Bull Summer Edition Strawberry Apricot, available in 8.4 fl. oz. and 12 fl. oz. orange-colored matte cans, features a summery taste of strawberry, apricot and a touch of peach. The beverage can be consumed on its own or as a seasonal mocktail, the company said.

    Worldwide, 9.8 billion cans of Red Bull were consumed last year, more than 3 billion of those in the U.S. alone. Red Bull Energy Drink’s signature 8.4 fl. oz. cans contain 80 mg of caffeine, about the same amount as in a home-brewed cup of coffee.

  • 3/27/2022

    Walmart reportedly to stop selling cigarettes in select stores

    cigarettes

    Walmart is the latest retailer with plans to stop selling cigarettes. Cigarettes are being removed from Walmart in various markets, including some stores in California, Florida, Arkansas and New Mexico, according to The Wall Street Journal.

    Walmart has added more self-checkout registers, as well as other items such as grab-and-go food or candy in place of cigarettes, in some of these stores, the report said.

    In 2019, Walmart, which has around 5,000 stores in the United States, raised the minimum wage to buy tobacco to 21 years old and stopped selling e-cigarettes. Sam's Club, owned by Walmart, has also stopped selling cigarettes at most of its stores in recent years, according to the report.

    [Read more: Walgreens, Kroger to quit e-cigarette sales]

    Walmart did not say how many of its stores have removed tobacco entirely. A spokesperson for Walmart told CNN Business that it made the "business decision" to end tobacco sales in select stores "as a result of our ongoing focus on the tobacco category."

    Public health advocates have long urged retailers to stop selling tobacco products, and some cities and states have also banned tobacco sales in pharmacies.

    More than two dozen state attorneys general in 2014 sent letters to large retailers with pharmacies, including Walmart, to end tobacco sales.

    "There is a contradiction in having these dangerous and devastating tobacco products on the shelves of a retail chain that services healthcare needs," the letters said.

    In 2014, CVS said it would stop selling tobacco. At the time, CVS said the move would cost it an estimated $2 billion in revenue.

    CVS said selling tobacco was "inconsistent with our purpose" of being a healthcare provider, the report said.

    Last year, Walgreens CEO Roz Brewer said tobacco sales were under "real scrutiny right now. And so you'll see more to come in that area," according to the report.

    Costco sells tobacco in some stores. Target ended tobacco sales in 1996.

  • 3/27/2022

    Endo intros ephedrine sulfate injection

    Injectables

    Endo’s Par Sterile Products business is offering premixed ephedrine sulfate injection in a ready-to-use 50 mg/10 ml single-use vial.

    "We are pleased to launch this new ready-to-use product as part of our agreement with Nevakar," said Scott Sims, senior vice president and general manager, Sterile Products at Endo. "This is a demonstration of our commitment to deliver quality, life-enhancing therapies to healthcare providers — when and how they need them."

    Ready-to-use products help streamline operations for hospitals by eliminating the need to prepare or transfer the product before patient administration. This may reduce waste and costs, optimize convenience and workflow and heighten accuracy and compliance by reducing the chance for preparation error — all of which support quality patient care, the company said.

    This is the first product launch under the previously announced exclusive licensing agreement between Nevakar Injectables, a privately held biopharmaceutical company, and Endo's subsidiary, Endo Ventures. Under the agreement, the companies are collaborating on five differentiated sterile injectable products in the United States.

    Nevakar is responsible for developing the drugs and obtaining approval from the Food and Drug Administration, and EVL is responsible for product launch and distribution through Endo's Par Sterile Products business.

  • 3/27/2022

    Lori Flees departs Walmart

    Lori Flees, senior vice president and chief operating officer of Walmart health and wellness, shared Friday on her LinkedIn page that she has left Walmart. Flees has been in her current position since August 2020.

    “I cannot believe it but today is my last day at Walmart. It was not long after I joined the company in January 2014 that I started to drink the Kool-Aid (so to speak) and begin serving it to all my friends and family according to James, my husband. While the scale of Walmart is hard to get your mind around, it is the heart of Walmart that forever changes you. And the heart is the timeless mission (helping people save money and live better) and the associates who will do nearly anything to serve others and make their communities and the world a better place," Flees wrote.

    Flees went on to thank all of the associates she worked with, stating, "you inspire me. Thank you to my teammates in corporate strategy, M&A, corp financial planning, store No. 8, strategic partnerships, Vudu, Sam’s health and wellness and Walmart health and wellness — we accomplished a lot due to your efforts and passion. Thank you to Walmart leaders I have collaborated with — you always made the solutions or the plan better. Thank you to my amazing supervisors who supported and invested in me. And thank you my mentees who contributed more to my development than I did theirs."

    Flees added, "I look forward to watching the company continue to innovate for the benefit of customers and associates around the world as a loyal customer and shareholder."

  • 3/27/2022

    Unichem obtains FDA OK for generic Bystolic

    Binder with FDA Approved

    Unichem recently received the Food and Drug Administration's clearance for nebivolol tablets in dosage strengths of 2.5 mg, 5 mg, 10 mg and 20 mg.

    The product is the generic of Allergan's Bystolic.

    Nebivolol tablets are indicated for the treatment of hypertension.

    The product will be commercialized from Unichem’s Ghaziabad plant.

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