Parkland Corporation has reached a deal to acquire M&M Food Market for $322 million.
As part of the deal, Parkland--a convenience store operator and fuel retailer-- gains M&M's national network of more than 300 M&M stores, over 2,000 M&M Express locations and nearly 500 specialty frozen products.
The deal follows M&M's recent efforts to rebrand and overhaul its stores and food portfolio as part of its ongoing strategy for national and international growth.
"Today marks the start of a bold new chapter for our company and stands as a testament to the vision and tireless work of our dedicated team," said Andy O'Brien, CEO, M&M Food Market, in a press release.
"After a comprehensive examination of our experience, our products, profitability, dedicated franchise partners impressive store network, and our business strategy, Parkland concluded that M&M will be an essential part of achieving their long-term goals in the food industry," O'Brien added.
M&M brand, leadership, franchise system, store network, and office in Mississauga, Ontario will remain in place under the new deal.