Wednesday, August 20, 2014
CST Brands to Acquire Nice N Easy Grocery Shoppes
Source: Convenience Store DecisionsBy CSD Staff
“Nice N Easy’s founder, the late John MacDougall, started this process a year ago with very specific provisions about the sale that would protect the Nice N Easy Grocery Shoppes name, image, people and his legacy,” according to Fran Duskiewicz, president and CEO of Nice N Easy Grocery Shoppes.
CST Brands Inc. announced the signing of a definitive agreement to acquire the convenience store assets, franchisor rights and associated trademarks of Nice N Easy Grocery Shoppes.
Based in Canastota, N.Y., Nice N Easy operates 77 corporate and franchise stores in Central New York. The company operations include 33 company-operated stores along with 44 franchise locations. Nice N Easy has been at the forefront of the foodservice growth in convenience stores with the presence of its own Easy Street Eatery concept in many of its corporate stores, adding to an already extended grocery products offer.
Convenience Store Decisions honored MacDougall and the entire Nice N Easy team with the 2009 Convenience Store Chain of the Year award.
The acquisition will provide entry into a new geographical territory for CST Brands, providing an additional area of growth for its new to industry stores, adjacent to its Canadian network of sites. The assets include 33 company-operated stores which are owned or leased by the company and its rights as franchisor to 44 others locations, all of which are located in central New York State.
In the fall of 2013, Nice N Easy engaged NRC Realty & Capital Advisors, LLC to serve as exclusive financial advisor to evaluate various strategic options available to the company. As a result of that analysis, the company elected to explore the sale of the company as a whole. Nice N Easy commenced a sale process early this year, which culminated in the agreement with CST Brands, which was executed today. It is contemplated that the closing of the sale will occur within 90 days, early in the fourth quarter of 2014.
The transaction is subject to customary conditions to closing, including satisfactory completion of due diligence. Terms of the transaction were not disclosed.
“Our stores across the United States and Canada share a lot in common with Nice N Easy Grocery Shoppes, making this a great match culturally and a prime opportunity for CST Brands to enter into new markets,” said Kim Bowers, chairman and CEO of CST Brands. “Both Nice N Easy and CST Brands are committed to great people, loyal customers and strong community ties, and we look forward to deli