Dive Brief:
- Family Express has agreed to acquire Leo's Market & Eatery’s convenience retail locations in Indiana for an undisclosed amount, the companies announced on Monday.
- The deal includes six convenience stores with fuel across the Indianapolis and Lafayette areas, according to a Leo’s spokesperson. Leo’s will retain its fuel-less Leo’s Market convenience store in McCordsville, an Indianapolis suburb, the spokesperson said.
- The deal is part of a new partnership between the companies in which Leo’s will supply many of its branded foodservice products to Family Express’ roughly 90 convenience stores across Indiana, according to the announcement.
Dive Insight:
Family Express will rebrand the six Leo’s locations to its banner once the acquisition closes, according to Leo’s spokesperson. However, Family Express plans to continue selling Leo’s kolaches, sandwiches, salads, grab-and-go items and other prepared foods at the acquired locations and introduce them across its broader network.
The deal will allow Leo’s to focus on expanding its food program and commissary operations while continuing to develop its fuel-less Leo’s Eatery as a standalone food-focused concept, according to the announcement and the spokesperson. Leo’s Eatery is about half the size of a traditional Leo’s convenience store, the spokesperson said.
“Over the past several years, our team has worked tirelessly to develop a customer-centric food concept centered around freshness, quality, and convenience,” Stephanie White-Longworth, owner and president of Leo’s Market & Eatery, said in the announcement. “This agreement creates a unique opportunity to preserve and enhance our Central Commissary while allowing us to focus on the continued development and expansion of Leo’s Eatery.”
The agreement complements Family Express’ plans to invest about $100 million in new store development across Indiana, according to the announcement.
“Leo’s has built an impressive portfolio of high-quality stores, along with an exceptional food program, and its kolaches have become a beloved part of the brand’s legacy,” Gus Olympidis, president and CEO of Family Express, said in the announcement. “We look forward to building upon that strong foundation, bringing Leo’s signature products to even more customers throughout Indiana, and continuing the strong relationships Leo’s has established in its communities.”
The deal is expected to close later this fall, according to the announcement.
