Dive Brief:
- Cumberland Farms has agreed to acquire East Coast convenience retail competitor Coen Markets for an undisclosed amount, according to a Thursday announcement.
- The deal includes Pittsburgh-based Coen’s 54 convenience stores across western Pennsylvania, eastern Ohio, and northwest Virginia as well as three locations that are currently under construction. The transaction is expected to close sometime this year, pending regulatory approvals.
- A source familiar with the situation told C-Store Dive that parent company EG Group has rebranded as Cumberland Farms in recent weeks.
Dive Insight
This marks the first time Cumberland Farms has made an acquisition as its own entity since being acquired in 2019. The announcement referred to what formerly made up EG Group — over 4,300 retail sites across eight countries — under the Cumberland Farms name.
The organizational shift aligns with speculation last month that EG Group was looking to file for an IPO in 2026 under the name Cumberland Farms.
A company spokesperson declined to comment when asked about the name change, as well as how it may correlate to rumors about its pursuit of an IPO in the U.S.
Name aside, acquiring Coen underscores Cumberland Farms’ ambitions to become a major player among U.S. c-stores. In the announcement, CEO Russell Colaco said the deal is “a clear expression of our commitment to disciplined growth in the U.S.” Last year, EG Group announced it would relocate its headquarters from the U.K. to Charlotte.
“We are excited to welcome the Coen Markets team to Cumberland Farms and to continue building upon the legacy of success,” Colaco said.
According to the announcement, Cumberland Farms will also take on Coen’s foodservice offerings, which includes its made-to-order Coen Kitchen program. The move also introduces Cumberland Farms to Virginia, according to the company’s website.
Founded in 1923, Coen is leaving the industry after building a loyal following among customers. Its leadership said the team wanted to take the retailer’s growth and business “to another level” with the sale.
“This brings us tremendous pride, and we have confidence that Cumberland Farms will continue that which we started and further advance our offer for the benefit of our customers,” said Charlie McIlvaine, chairman and CEO of Coen.
Editor’s note: This article was updated with information about EG Group’s name change and how this deal affects Cumberland Farms’ footprint.
