Dive Brief:
- Giant Oil has acquired 11 convenience stores in western Pennsylvania from American Natural Retail PA LLC, a wholly owned subsidiary of Cleopatra Resources LLC, according to a Monday press release.
- Two other locations owned by American Natural Retail will close in 2024, according to the press release.
- Even though there are only a few weeks left in 2023, the pace of M&A activity remains high, with pickups by Pops Mart and Fast Stop also being announced in the last week.
Dive Insight:
The acquisition of these stores represents Giant Oil’s first foray into Pennsylvania and its fifth state overall. Terms of the deal were not disclosed.
A Giant spokesperson noted that expanding into Pennsylvania “marks an exciting new chapter in Giant’s journey.”
Giant Oil owns the On the Fly c-store brand, which can be found in Florida, Ohio, Indiana and Kentucky. The company also supplies fuel and owns its FlyBy Kitchen chicken foodservice offering. Some locations have partnerships with QSRs like Subway, Hardees and Noble Romans.
American Natural stores offer “an elevated food experience and carbon-friendly alternative fuel options,” according to the release. Some of its stores include The Eatery, a foodservice offering with a broad menu of breakfast and lunch/dinner sandwiches, along with wraps, grain bowls, salads and more.
“We are thankful for our employees’ service over the years and remain excited for their future as they become part of the Giant family. Giant Oil has a best-in-class leadership team and a very strong organizational culture,” said American Natural CEO James Bromley.
Corner Capital served as Cleopatra Resources’ financial advisor and rendered investment banking services in addition to commercial real estate brokerage services through its affiliate, Corner Realty.
Clarification: This story was updated to include the full name of Giant Oil's foodservice program, FlyBy Kitchen.
