Dive Brief:
- S&G Convenience Stores has acquired eight locations from fellow Midwest c-store retailer PS Food Mart, according to an announcement from advisory firm Downstream Energy Group, which coordinated the sale.
- All eight c-stores are located in the Toledo, Ohio, area — S&G’s home base and largest market. A spokesperson from Downstream confirmed to C-Store Dive that S&G will eventually rebrand the sites to its own banner.
- The deal further establishes S&G as a top c-store competitor in the Toledo market, where the company operates about half of its roughly 70 convenience stores across northwest Ohio and southeast Michigan.
Dive Insight:
PS Food Mart is not leaving the c-store industry with the sale, as the Homer, Michigan-based company still operates about 35 locations in Michigan.
According to the announcement, the retailer’s parent company, Folk Oil, is selling these eight locations as part of a portfolio optimization plan. Folk aims to “right-size its portfolio, sharpen its geographic focus, and reallocate resources to accelerate long-term growth and continued investment across its core Michigan markets,” according to the announcement.
The deal also comes during an ambitious growth phase for S&G, which is aiming to reach 150 convenience stores across its network over the next five years, founder and CEO Dan Ridi told CStoreDecisions in late August. Ridi also told the publication that S&G is on pace to reach about 85 locations this month.
"S&G Convenience Stores is acquiring high-quality retail assets that align well with its expanding footprint,” Jeff Traub, partner at Downstream, said in the announcement. “Richard Folk and his team have built an exceptional company, and it has been a privilege to represent them in this transaction.”
Correction: A previous version of this story misstated the approximate number of stores PS Food Mart operates and where they're located.
