Dive Brief:
- Amcon Distributing Company has agreed to acquire fellow convenience store supplier Richmond Master Distributors Inc. for an undisclosed amount, according to a Friday announcement.
- The move will result in Amcon’s first distribution facility in Indiana, where it will continue to serve Masters’ customers from that company’s South Bend headquarters, according to the announcement. Masters’ team members will join Amcon as part of the shift.
- This marks Amcon’s third acquisition of another c-store distributor since late 2022 as the Omaha, Nebraska-based company continues to expand across the U.S.
Dive Insight:
Once the deal closes — which Amcon anticipates will happen in this year’s fiscal third quarter — the company will have about 7,900 convenience stores across 33 U.S. states in its service network.
Besides its forthcoming facility in Indiana, Amcon’s distribution centers are also located in Colorado, Illinois, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee, and West Virginia.
“Indiana has an excellent business environment and is a state that we want to continue to strategically expand in,” Christopher Atayan, chairman and CEO of Amcon, said in the announcement.
Founded in 1947, Masters Distributing mainly services the c-store, tobacco, liquor and specialty retail segments. The company offers over 10,000 products across several categories, including foodservice, grocery, tobacco, snacks and candy, and general merchandise.
Patrick Carrico, Masters’ CEO, said in the announcement that selling the business will increase Masters’ overall value proposition.
“We now have the enhanced capacity, technology, geographic reach, and foodservice facilities required to serve our customers as they grow,” Scott Carrico, chief operating officer for Masters’, said in the announcement.
Friday’s announcement came just a day after Amcon revealed in its latest earnings report that it will continue pursuing “strategic acquisition opportunities” in the c-store and foodservice sectors. Its acquisitions before this included c-store distributors Henry’s Foods Inc. and Burkland.
