Parkland Corp. (PKI) is buying privately held frozen food retailer M&M Food Market for $322 million as it broadens its offerings across its network of gas stations and convenience stores.
The deal was announced after the close of trading yesterday (January 18). Parkland said it is funding the acquisition using its existing credit facility.
The deal includes 300 standalone M&M stores and more than 2,000 M&M Express locations.
Calgary-based Parkland said it plans to leverage M&M’s frozen food expertise to develop new offerings for its convenience stores. It also said it sees an opportunity to merge the two companies’ rewards programs.
Parkland said it is in the process of mapping out its growth strategy for its gas station retail network. The deal is expected to close by March 31 of this year.
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