What's Happening?
Stewart's Shops Corp. has sold five convenience stores to comply with a Federal Trade Commission (FTC) order related to its acquisition of Jolley Associates. The sale includes four stores to Mirabito Convenience Stores and one to Prestige Petroleum Corp. This move was necessary to facilitate the acquisition of Jolley Associates, which operates 45 convenience stores across Vermont, New York, and New Hampshire. The acquisition, completed in December, also included the wholesale dealer and residential heating oil businesses of S.B. Collins Inc. Mirabito's purchase strengthens its presence in New York and expands into southern Vermont, while Prestige Petroleum acquired two locations in Queensbury, New York.
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Why It's Important?
The divestment of these stores is crucial for maintaining competitive balance in the convenience store market, as mandated by the FTC. For Mirabito, the acquisition represents an opportunity to expand its footprint and enhance its service offerings in New York and Vermont. Prestige Petroleum's acquisition allows it to enter new markets and diversify its portfolio. Stewart's Shops continues to grow its brand presence by rebranding Jolley locations, emphasizing its ice cream and food-to-go offerings. This strategic move ensures compliance with regulatory requirements while enabling growth and expansion for all parties involved.
What's Next?
Stewart's Shops plans to continue rebranding Jolley locations to its own brand, with eight locations already converted. The company is also investing in renovating and rebuilding older stores, with plans to open new shops in Syracuse and Albany, New York. Mirabito and Prestige Petroleum are in the process of rebranding the acquired Stewart's Shops locations under their own brands. These developments indicate ongoing expansion and adaptation in the convenience store sector, with potential impacts on local economies and consumer choices.
