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ROCKLAND, Mass. — Merger and acquisition activity continues to play heavily in the convenience retail channel this year, with the latest chatter swirling around Tedeschi Food Shops Inc.
Two sources told CSNews Online on Monday that the Rockland-based chain is on the sales block. Matrix Capital Markets has been mentioned as handling the sale; however, that could not be confirmed as of press time. Both sources are not directly connected to the potential sale.
According to one of the sources, the Northeast chain is seeking a buyer for all of its 191 convenience stores. A lot of the stores do not have gas, he noted, so it remains to be seen what kind of player goes after it. That being said, the source said he is sure Tedeschi will garner some interest.
Established in 1923, Tedeschi Food Shops is a family-owned and -operated convenience store chain with more than $600 million in annual revenue. The company operates its 191 convenience store locations in Massachusetts and New Hampshire.
Joe Hamza, vice president of sales and marketing for Tedeschi, could not be reached for comment Monday.
If Tedeschi is acquired, it would be just the latest development in a very active c-store merger and acquisition scene this year. Most recently, Circle K parent Alimentation Couche-Tard Inc. made headlines by inking a definitive merger agreement with Cary, N.C.-based The Pantry Inc., operator of Kangaroo Express.
Other notable deals this year have included Speedway LLC's acquisition of Hess Corp.'s retail network, and Energy Transfer Partner LP's acquisition of Susser Holdings Corp., operator of Stripes and Sac-N-Pac convenience stores.