Global Partners has purchased 13 Mac’s Market convenience retail stores and one commissioned agent site from Rutland, Vt.-based Sherman V. Alan Inc.
The stores are located in Vermont, New Hampshire, New York and Massachusetts and sell Citgo branded fuels. Sherman V. Allen will continue to operate its Mac’s Market grocery stores throughout Vermont, which are not part of the transaction.
Company namesake Sherman V. Allen Jr. – or Mac, as he was known – opened his first convenience store 40 years ago in Fair Haven, Vt., near the New York border. Soon he purchased a local fuel company and started his own distribution business. He also purchased and established additional convenience stores and fuel companies, expanding his business into New York, New Hampshire and Massachusetts.
Mac Allen also purchased a local hotel in Vermont, as well as several neighborhood grocery stores, and pursued a number of real estate development opportunities.
His daughter, Jennifer C. Allen, has worked for her father since she was old enough to hold a broom. Over the last decade, she has managed both the convenience store and grocery store divisions of the company.
“Our relationships in Vermont will continue under the Mac’s Market name, with our neighborhood grocery stores,” said Ms. Allen, “and we are excited with the prospect of new real estate developments on the horizon.”
Based in Waltham, Mass., Global Partners operates more than 270 convenience stores under 10 banners including Alltown, Honey Farms and Jiffy Mart, as well as supplies fuel to approximately 1,550 retail service stations in the Northeast U.S.
Matrix Capital Markets Group provided merger and acquisition advisory services to Sherman V. Allen Inc., which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.