GREEN BAY, Wis. — Dino Stop convenience stores are leaving the industry after serving the Green Bay area for more than half a century.
The six-store chain is being acquired by 7E CO Holdings LLC, a Denver-based chain of 60 convenience stores with locations in Texas, Minnesota and Wisconsin.
“I owe much of the success of the stores to my wife Angela and our team members who have helped me over the years. Although selling the stores was a bittersweet experience, I knew it was the right decision for me and my family,” said Tony Wied, president of Dino Stop.
Dino Stop was founded in 1971 and operated locations in Little Suamico, Abrams, Green Bay, Manitowoc, Ledgeview, and New Franken, Wis. Wied acquired Dino Stop in 1998.
Terry Monroe, owner of American Business Brokers & Advisors, provided M&A advisory services to 7E CO Holdings and Dino Stop, including advice on valuation and other transaction terms.
The legal aspect of the transaction was handled by Mike Demerath of Green Bay-based Hager, Dewick & Demerath.
A flurry of offers
The M&A landscape in the convenience store industry has been red hot of late as smaller channel operators are picked up by larger players.
Earlier this month, Yesway acquired nine Tres Amigos convenience stores in Texas. Each Tres Amigos store has 2,828 square feet of merchandising space and six service stations. In addition, several places offer islands of diesel fuel.
With the Tres Amigos pickup, Fort Worth-based Yesway’s portfolio now stands at 423 stores, with more than 30 new-to-the-industry stores recently opening and relocating to date in 2022.
In another deal, Par Mar Stores expanded its presence in Maryland through the acquisition of four convenience stores in the Westernport area.
The convenience store operator recently acquired Best Price Market in McCoole, Fair Price Quick Stop in Westernport, and Rite Price Quick Stop in Oakland from a local business owner. He also purchased the old Route 135 fuel stop in Westernport.
Three of the newly acquired stores will begin operating under the Par Mar brand in early September. The Westernport fuel stop is scheduled to open later in the fall.
Par Mar Stores selected these locations for acquisition because they are all performing well and located in good areas, according to Dave Allen, spokesman for Par Mar Stores. The retailer was also drawn to the area due to its growth potential and tourist attractions such as Deep Creek Lake and local campgrounds.
Headquartered in Marietta, Ohio, Par Mar Stores operates nearly 200 convenience stores in five states.
Additionally, Refuel Operating Co. LLC continued its acquisition streak and increased its number of stores by acquiring the assets of Premier Stores Inc., based in Greensboro, North Carolina. The transaction included six stores in the Greensboro Market.
Refuel also entered into an agreement to acquire the assets of The Whalen Corp., a Raleigh, North Carolina-based chain with three stores in the Raleigh-Durham market.
The transactions represent the 12th and 13th acquisition for Charleston, South Carolina-based Refuel since establishing its partnership with First Reserve in May 2019, bringing the total retail store count to 195 company-operated locations. in Texas, Mississippi, Arkansas, South Carolina, and North Carolina. .