Cumberland Farms has officially completed its acquisition of Coen Markets, adding 54 stores across western Pennsylvania, eastern Ohio and northern West Virginia to its network. The deal also includes three upcoming new-to-industry locations and 20 dealer sites.
“We are delighted to welcome the Coen Markets team to Cumberland Farms,” said Russ Colaco, CEO of Cumberland Farms. “The McIlvaine brothers have built an exceptional business with a strong customer base. We look forward to building on the foundation they have created, as part of our growth strategy in the U.S.”
BofA Securities served as financial advisor and Blank Rome LLP and Babst Calland served as legal advisors to Coen Markets. Wells Fargo served as financial advisor and Winston & Strawn served as legal advisor to Cumberland Farms.
According to a March statement from Cumberland, the move reflects the company’s “ongoing strategy to accelerate its growth through targeted, value-driven and complementary investments. By combining Coen Markets’ established foodservice offering and regional network with Cumberland Farms’ existing U.S. operations, the company expects to unlock meaningful value creation deliver strong returns.”
Coen Markets is one of the oldest and largest convenience chains in the Pittsburgh region, according to the chain’s website. The retailer began serving the public in 1923.
Coen Markets is backed by a robust foodservice program, known for its signature pepperoni rolls, hand-made pizza and fried chicken.
“Our success is a team effort. Every one of our senior leaders and our team members have embraced our vision and made our convenience offer stand out,” said Charlie McIlvaine in March, chairman and CEO of Coen Markets. “This brings us tremendous pride, and we have confidence that Cumberland Farms will continue that which we started and further advance our offer for the benefit of our customers.”
Cumberland Farms parent company EG Group has operations in eight countries, with its single biggest market by revenue being the U.S., followed by Europe, including Germany, France, Netherlands, Luxembourg, Belgium and the United Kingdom, as well as Australia.
The company partners with global brands, and also has its own proprietary brands, including Fastrac, Kwik Shop, Quik Stop, Sprint, Tom Thumb and Turkey Hill.
