Dive Brief:
- C-store and fuel retailer Blarney Castle Oil & Propane has acquired fellow convenience and grocery retailer Alpena Oil Company, according to a Thursday press release.
- Alpena Oil’s 14 convenience stores, six grocery stores and cardlock system are all part of the acquisition. The company also distributes fuel and lubricants for both retailers and wholesalers.
- The acquisition strengthens Blarney Castle’s presence in Michigan, as Alpena Oil’s businesses and services are currently concentrated in the lower part of the state.
Dive Insight:
Bear, Lake, Michigan-based Blarney Castle already owns 140 EZ Mart locations throughout the state, among other businesses. Several of its c-stores also feature Lucky Louie’s pizza and Bill and Will gourmet hot dogs.
“Jere and Sharon built and operated a very successful retail chain that offered customers high value products in a clean and friendly environment,” said Spencer Cavalier, CFA, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, the company that advised Alpena in the deal, in the press release. “Their creation of the Louie’s Fresh Market brand showcases how they adapted their retail offerings to meet the needs of consumers across different markets.”
Alpena Oil got into the convenience store business in 1996, focusing on larger store formats. It expanded into the grocery business with Louie’s Fresh Market shortly after, and grew that side of the business to six locations.
Blarney Castle, which opened its first convenience store in 1933, also sells fuel and propane as well as a fleet card that’s usable at over 200 locations.
