GREEN BAY, Wis. — Dino Stop Convenience Stores is leaving the industry after serving the Green Bay area for more than half a century.
The six-store chain is being picked up by 7E CO Holdings LLC, a Denver-based chain of 60 convenience stores with locations in Texas, Minnesota and Wisconsin.
"I owe much of the success of the stores to my wife Angela and our team members who helped though the years. Although the selling of the stores was a bittersweet experience, I knew it was the right decision for me and my family," said Tony Wied, president of Dino Stop.
Dino Stop was founded in 1971 and operated locations in Little Suamico, Abrams, Green Bay, Manitowoc, Ledgeview and New Franken, Wis. Wied acquired Dino Stop in 1998.
Terry Monroe, owner of American Business Brokers & Advisors, provided merger and acquisition advisory services to 7E CO Holdings and Dino Stop, which included advisory on valuation and other transaction terms.
The legal side of the transaction was managed by Mike Demerath of Green Bay-based Hager, Dewick & Demerath.
A Flurry of Deals
The merger and acquisition landscape in the convenience store industry has been red hot lately as the channel's small operators get picked up by larger players.
Earlier this month, Yesway acquired nine Tres Amigos convenience stores in Texas. Each Tres Amigos store features 2,828 square feet of merchandising space and six fueling stations. In addition, several locations offer diesel fueling islands.
With the pickup of Tres Amigos, Fort Worth-based Yesway's portfolio now stands at 423 stores, with the recent opening of more than 30 new-to-industry and relocated stores to date in 2022.
In another deal, Par Mar Stores expanded its footprint into Maryland through the acquisition of four convenience stores in the Westernport area.
The convenience store operator recently acquired Best Price Market in McCoole, Fair Price Quick Stop in Westernport, and Rite Price Quick Stop in Oakland from a local business owner. It also purchased the former Route 135 Fuel Stop in Westernport.
Three of the newly acquired stores will begin operating under the Par Mar banner by early September. The Westernport fuel stop is scheduled to open later in the fall.
Par Mar Stores selected these locations for acquisition because they are all performing well and located in good areas, according to Dave Allen, spokesperson for Par Mar Stores. The retailer was also drawn to the area due to its potential for growth and tourist attractions such as Deep Creek Lake and local campgrounds.
Based in Marietta, Ohio, Par Mar Stores operates nearly 200 convenience stores in five states.
Additionally, Refuel Operating Co. LLC continued its acquisition streak and upped its store count by acquiring the assets of Greensboro, N.C.-based Premier Stores Inc. The transaction included six stores in the Greensboro market.
Refuel also entered into an agreement to acquire the assets of The Whalen Corp., a Raleigh, N.C.-based chain with three stores in the Raleigh-Durham market.
The transactions represent the 12th and 13th acquisition for Charleston, S.C.-based Refuel since establishing its partnership with First Reserve in May 2019, bringing the retailer's total store count to 195 company-operated locations across Texas, Mississippi, Arkansas, South Carolina and North Carolina.