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WASHINGTON -- Mega Group Inc., a financial services company based here, will acquire four convenience stores in the Tidewater area of Virginia for $12.9 million, plus the value of inventory.
The agreement is expected to close 90 days from the acquisition announcement. The company plans to finance the purchase with both debt and equity capital raised from an exempt securities offering.
The company's wholly-owned subsidiary, Hosanna Development LLC -- which it purchased on June 4 -- will manage the four locations.
"The company is acquiring Hosanna Development LLC, for purposes of, among others, managing four gasoline convenience store operations providing a daily cash revenue stream with substantial growth potential in the community-related retail services sector," Mega Group's CEO, John H. Brown, said in a written statement. "Our investment entry into consumer product offerings and real property ownership in local communities will leverage our ability to provide consulting, business and financial services to smaller companies in the urban and rural faith-based communities we serve."