Dive Brief:
- Freedom Oil, a chain of 27 convenience stores across Illinois and Florida, has sold its assets to Midwest retailer and wholesaler Mizpah Ventures, according to an announcement from advisory firm American Business Brokers & Advisors, which coordinated the transaction.
- Nearly all of the c-stores are located in central Illinois, with about a third of them in the neighboring cities Bloomington and Normal, according to its website. In Florida, Freedom has three c-stores, in Jacksonville, Key West and St. Augustine.
- The deal marks Freedom’s exit from the c-store industry about eight decades after the family owned retailer acquired its first stores in Decatur, Illinois.
Dive Insight:
Most of the locations operate under the Freedom c-store and fuel banner, while a few others offer Shell-branded fuel in the forecourt, according to the company’s website. Financial details of the transaction were not disclosed.
The announcement did not say why Freedom’s leadership decided to sell the business, only that president and third-generation owner Mike Owens knew it was time to step away and pursue other opportunities. In the announcement, Owens called the sale a "bittersweet moment.”
Freedom’s exit from the industry continues the wave of small convenience retailers — many with between 10 and 50 locations — selling their assets amid a difficult operating economy. Industry experts have said they expect this trend to continue in 2026.
For Chicago-based Mizpah, the transaction marks the company’s entrance into Florida and builds upon its network of locations in Illinois and Wisconsin. The announcement did not share other details about Mizpah, and the company does not have a website.
