What is the story about?
What's Happening?
Jacksons Food Stores Inc. has acquired 24 convenience store locations from Redwood Oil Co. Inc., including 23 Redwood Market stores and one ExtraMile store in California. Redwood Oil, founded by Peter Van Alyea, has been a staple in northern California since the early 1970s, known for its Aztec Grill offering. The acquisition marks a significant expansion for Jacksons Food Stores, which celebrated its 50th anniversary this month. The deal was facilitated by Matrix Capital Markets Group Inc., providing advisory services to Redwood Oil.
Why It's Important?
This acquisition represents a strategic expansion for Jacksons Food Stores, enhancing its presence in the competitive convenience store market. By integrating Redwood Oil's locations, Jacksons can leverage the established Aztec Grill brand, known for its authentic Mexican food offerings, to attract a diverse customer base. The move also reflects Jacksons' commitment to growth and adaptation in the retail sector, potentially increasing its market share and operational footprint across multiple states. The acquisition aligns with Jacksons' long-term strategy to expand its convenience store network.
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