SAN ANTONIO--(BUSINESS WIRE)--CST Brands, Inc. (NYSE: CST) today 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, NY, Nice N Easy operates 77 corporate and franchise stores in Central New York. The company operations include thirty-three company operated stores along with forty-four 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.
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 transaction is subject to customary conditions to closing, including satisfactory completion of due diligence, and is expected to close early in the fourth quarter of 2014. 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 delighting more customers every day together.”
Fran Duskiewicz, President and CEO of Nice N Easy Grocery Shoppes, stated, “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. It is bittersweet that we have reached this point without him with us to enjoy the potential growth of our program that we believe CST Brands will provide. Company culture is everything to us and we’ve made a decision that will allow that culture to continue and grow with a group with whom we share many business philosophies.”
About CST Brands, Inc.
CST Brands, Inc. (NYSE: CST), a Fortune 500 Company, is one of the largest independent retailers of motor fuels and convenience merchandise in North America. Based in San Antonio, Texas, CST employs nearly 12,000 Team Members at nearly 1,900 locations throughout the Southwestern United States and Eastern Canada offering a broad array of convenience merchandise, beverages, snacks and fresh food. In the U.S., CST Corner Stores proudly sell Valero fuels and signature products such as Fresh Choices baked and packaged goods, U Force energy and sport drinks, Cibolo Mountain coffee, FC Soda and Flavors2Go fountain drinks. In Canada, CST is the exclusive provider of Ultramar fuel and its Dépanneur du Coin and Corner Stores sell signature Transit Café coffee and pastries. For more information about CST, please visit cstbrands.com.
Safe Harbor Statement
Statements contained in this release that state the Company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “intends,” “estimates,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CST Brand’s Form 10-Q or Form 10-K filed with the Securities and Exchange Commission, and available on the CST Brand’s website at www.cstbrands.com. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.