New York-based Stewart’s Shops recently announced that it has entered into an agreement with Jolley Associates to acquire its 45 c-store locations. Pending federal approval, the transaction is expected to be completed by the end of the year, reported ABC News 10.

Of Jolley’s 45 stores, 38 are located in Vermont. Additional sites include two in New Hampshire and five across New York.

“We are thrilled to have this opportunity to acquire a company with such an impressive reputation in a market that we’ve been watching for many years,” said Stewart’s Shops president Gary Dake. “One of the primary reasons we were drawn to this deal is because of the quality and the character of Jolley’s employees.”

“We are proud of what we have accomplished over the years and we are happy to know that Stewart’s is providing our employees an opportunity to have ownership in the business and will continue to treat them well,” said Bruce Jolley, president and co-founder of Jolley Associates.

According to ABC, Stewart’s will also take ownership of Jolley’s sister companies S.B. Collins and Clarence Brown. S.B. Collins is a gasoline and diesel provider, and Clarence Brown is a heating oil business.

Making Moves

Stewart’s has had a busy week. Just a few days ago, the company and the Dake family announced that they will be selling 60% of their stake in Stewart’s to employees. This will round off the current 40% that is already employee-owned, as the chain aims to be 100% employee-owned in 20 years.

According to the Dakes, they wanted to place the company in the hands of people they trust to preserve the legacy of the Stewart’s brand as the family solidifies succession plans.

The Dakes also confirmed that they have identified successors to champion the brand in the future.

The retailer currently employs more than 3,700 employees at its 350 stores across New York and Vermont, with the addition of Jolley bringing the chain closer to the 400-store mark.