Mergers & Acquisitions

Cumberland Farms Exploring Sale?

Retains investment bank to consider putting the company on the block: OPIS
Photograph courtesy of Cumberland Farms

WESTBOROUGH, Mass. — Major regional convenience-store retailer Cumberland Farms has reportedly retained an investment bank to explore the possibility of a sale, according to a report by Oil Price Information Service (OPIS).

  • Cumberland Farms is No. 15 in theTop 40 update of CSP’s 2018 Top 202 ranking of c-store chains by number of retail outlets.

The Westborough, Mass.-based company, which has more than 560 c-stores in New England, New York and Florida, has hired Bank of America to look into selling the retail network.

The intent to sell has been rumored for months, OPIS said. CEO Ari Haseotes told employees at a town hall this week about the process, the report said. CSP honored Haseotes as its Retail Leader of the Year in 2017.

OPIS said it expects that Cumberland Farms will fetch a price in the billions of dollars. The report cited Alimentation Couche-Tard, Irving Oil, Marathon Petroleum and BP as likely buyers.

Cumberland Farms is known for its Farmhouse Blend coffee, Chill Zone and Hyperfreeze beverages and SmartPay fuel rewards program. It recently added E15.

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