Employee-owned retailer Coborn’s has entered into an agreement with convenience chain Holiday Stationstores, LLC., to sell 14 Holiday-franchised fuel and convenience stores, and one developmental site.
Minnesota-based Coborn’s operates several fuel, liquor, and pharmacy locations in addition to 77 grocery stores across Minnesota, the Dakotas, Wisconsin, Michigan, and Illinois under several banners. To support its 200 various retail business units, the portfolio company also operates its own central bakery, dry cleaning facility, and grocery distribution center.
Matrix, a capital advisory group, provided merger and acquisition advisory services to Coborn’s, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
“This is part of Coborn’s overall strategy to focus our growth efforts on the grocery store market,” said Chris Coborn, CEO of Coborn’s, in a statement. “Matrix’s efforts have led to the successful sale of our Holiday franchise stores to our long-term franchisor partner, Holiday. The transaction provides continuity to our store employees and customers, as the stores will remain Holiday branded and continue to accept the Coborn’s MORE Rewards program.”
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