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Tedeschi Food Shops Inc. has entered into an agreement to purchase Waltham, Mass.-based The Store 24 Inc. Terms of the deal, expected to close by the end of April, were not disclosed.
Acquisition of the 80-store chain will make Tedeschi, which already operates and franchises 134 c-stores under the Tedeschi Food Shops and Li'l Peach banners, the third largest convenience retailer in New England.
As part of the agreement, Tedeschi will assign its interest in Estate Coffee Marketing LLC to Robert Gordon, current president and CEO of Store 24. Gordon plans to devote his energy after the sale of his company to working with Estate Coffee Marketing, commercial real estate development in the Boston area and FREEosk, an internet kiosk company in which he owns the majority stake.
Tedeschi plans to retain 97 percent of Store 24's employees and has no current plans to rebrand the stores.