Mirabito's Mighty M&A Move
New York chain sees "significant expansion" as it picks up local competitor
BINGHAMTON, N.Y. -- A New York state convenience store retailer is expanding its footprint with an acquisition right in its own backyard.
Manley's Mighty Marts LLC, Binghamton, N.Y., has accepted a purchase offer from The Mirabito Family of Cos., also based in Binghamton, for its entire chain of 17 stores.
As reported in a 21st Century Smoke/CSP Daily News Flash, the Manley's Mighty Marts stores are located in Binghamton, Endicott, Endwell, Vestal, Johnson City, Windsor, Ithaca and Glen Aubrey, N.Y.
"We're pleased that Mr. Tony Manley has accepted our offer to purchase his locations," said Joseph P. Mirabito, CEO of Mirabito. "Mr. Manley grew his business much like our family grew ours, through hard work and dedication both to customers and community."
Tony Manley, owner and CEO of Manley's Mighty Marts LLC, founded the c-store chain in the early 1980s after a start in the car-repair business. The chain is known for its competitive fuel prices--sites are branded Valero and Gulf--proprietary foodservice and packaged-beverage focus. Most of the stores feature Big Al's pizza and Lydia's Gourmet sandwich programs. Two of the stores have specialty beer distribution centers.
Mirabito, who did not respond to request for comment by press time, may have hinted at the Manley's acquisition in a recent interview with The Press & Sun-Bulletin. He told the newspaper that the company planned to announce a "pretty significant expansion" on May 1.
Mirabito also established its c-store operations, which include 56 Mirabito, Convenience Express and Quickway Food Store locations in central New York, in the 1980s. Also like Manley's Mighty Marts, the chain has focused on enhancing its foodservice offer, which includes adding Tim Hortons Café & Bake Shops to more than 30 of its stores, as well as owning a standalone Tim Hortons restaurant.
The company will begin to transition the Manley sites into its store network on April 28, but plans to operate them independently until then, maintaining their current programs and offerings. With these locations, Mirabito's store count will grow to 74.
The Mirabito Family of Cos. operates in eight states through multiple businesses, including its c-store chain, natural gas and electric supply, fuel oil, wholesale energy products and services and truck repair.
Mirabito said that his company's success is built on a three-legged stool, with the legs consisting of employees, customers and shareholders. "What I face every day is keeping a balance," he told the paper. "The challenge in this economic environment is keeping people gainfully employed. We have a responsibility to the people who got us here. They need a chance for upward mobility and that only comes with growth."
The company has grown under Joe Mirabito's leadership in large part, he said, because of his team.
He joked that all it takes to succeed is to hire people smarter than him. "I think my passion is able to permeate the people around me. My cousins and brother have more intelligence and sometimes the business savvy that I need to hear, but I don't know if anyone could match my passion for the business," he told the paper.