A convenience and fuel retailer with deep roots in Western Pennsylvania could soon become part of a convenience store empire after an announcement of a possible acquisition by a U.K.-based convenience store giant. According to a release Thursday, the Canonsburg-based Coen Markets in and around the area are being acquired by United Kingdom-based EG Group. RELATED VIDEO: Strong winds slow repairs in hardest hit counties of Western Pennsylvania | Power company updates The EG Group owns more than 1,500 U.S. convenience stores across 10 brands, with its most notable being Cumberland Farms, which has nearly 600 locations in New England. “The transaction reflects Cumberland Farms’ ongoing strategy to accelerate its growth through targeted, value-driven, and complementary investments,” the release said. “By combining Coen Markets’ established foodservice offering and regional network with Cumberland Farms’ existing US operations, the company expects to unlock meaningful value creation and deliver strong returns.”Cumberland Farms said the acquisition comprises 54 operating sites with three locations under development. Terms of the deal have yet to be disclosed. The sale is expected to close this year, pending regulatory approval. Coen stores are most prevalent in the company’s home base of Washington County, but it also has a significant presence in Allegheny and Westmoreland counties. Download the WTAE app to stay connected with breaking news. Sign up for our email newsletters to get breaking news in your inbox.
A convenience and fuel retailer with deep roots in Western Pennsylvania could soon become part of a convenience store empire after an announcement of a possible acquisition by a U.K.-based convenience store giant.
According to a release Thursday, the Canonsburg-based Coen Markets in and around the area are being acquired by United Kingdom-based EG Group.
RELATED VIDEO: Strong winds slow repairs in hardest hit counties of Western Pennsylvania | Power company updates
The EG Group owns more than 1,500 U.S. convenience stores across 10 brands, with its most notable being Cumberland Farms, which has nearly 600 locations in New England.
“The transaction reflects Cumberland Farms’ ongoing strategy to accelerate its growth through targeted, value-driven, and complementary investments,” the release said. “By combining Coen Markets’ established foodservice offering and regional network with Cumberland Farms’ existing US operations, the company expects to unlock meaningful value creation and deliver strong returns.”
Cumberland Farms said the acquisition comprises 54 operating sites with three locations under development.
Terms of the deal have yet to be disclosed.
The sale is expected to close this year, pending regulatory approval.
Coen stores are most prevalent in the company’s home base of Washington County, but it also has a significant presence in Allegheny and Westmoreland counties.
Download the WTAE app to stay connected with breaking news. Sign up for our email newsletters to get breaking news in your inbox.