Dive Brief:
- Stewart’s Shops has agreed to acquire Vermont-based Jolley Associates convenience stores for an undisclosed amount, the company announced on Friday.
- Jolley operates 45 sites in Vermont, New York and New Hampshire, according to the announcement. Once the deal closes, this will give Stewart’s its first foothold in New Hampshire. The deal is expected to close by the end of 2024.
- Ballston Spa, New York-based Stewarts, which currently operates 360 stores in New York and Vermont, is the latest major convenience store chain reaching new markets through M&A.
Dive Insight:
Stewart’s purchase of Jolley’s c-stores includes five sites in New York, two in New Hampshire and 38 in Vermont.
“We are thrilled to have this opportunity to acquire a company with such an impressive reputation in a market that we’ve been watching for many years,” said Stewart’s Shops President Gary Dake in a statement.
In addition to the convenience stores, Stewart’s is also buying Jolley’s sister companies S.B. Collins, which delivers gas and diesel to stores in Vermont, New Hampshire and New York; and Clarence Brown, a heating oil business serving northwestern Vermont.
The deal for Jolley brings together two longtime family-owned businesses. While Stewart’s is family owned, 40% of the company is in the hands of its employees, and the Dake family plans to continue selling stock in the company to employees in the coming years until Stewarts is eventually expected to be fully owned by its workers, a spokesperson confirmed to C-Store Dive.
“We are proud of what we have accomplished over the years and we are happy to know that Stewart’s is providing our employees an opportunity to have ownership in the business and will continue to treat them well,” said Bruce Jolley, president and co-founder of Jolley Associates.
This year has already seen several such moves, including Casey’s General Stores entering Alabama, Mississippi and Florida with its acquisition of CEFCO, as well as and FEMSA staking its claim in Texas, Arkansas and New Mexico through a deal to buy Delek US Holdings’ retail arm.
