Wednesday, August 20, 2014
NICE N EASY ANNOUNCES SALE OF COMPANY TO CST BRANDS
Source: NRC Press Release
CANASTOTA, NY, August 20, 2014 — Nice N Easy Grocery Shoppes, Inc., headquartered in Canastota, New York, announced today that it has signed a definitive asset purchase agreement to sell all of its assets to CST Brands, Inc. (NYSE:CST), headquartered in San Antonio, Texas. The assets include 33 company- operated stores which are owned or leased by the company and its rights as franchisor to 44 others locations, all of which are located in central New York State.
In the fall of 2013, Nice N Easy engaged NRC Realty & Capital Advisors, LLC to serve as exclusive financial advisor to evaluate various strategic options available to the company. As a result of that analysis, the company elected to explore the sale of the company as a whole. Nice N Easy commenced a sale process early this year, which culminated in the agreement with CST Brands which was executed today. It is contemplated that the closing of the sale will occur within 90 days.
“John MacDougall started this process a year ago with very specific provisions about the sale that would protect the Nice N Easy Grocery Shoppes name, image, people and his legacy. It is bittersweet that we have reached this point without him with us to enjoy the potential growth of our program that we believe CST will provide. Company culture is everything to us and we’ve made a decision that will allow that culture to continue and grow with a group with whom we share many business philosophies,” said Fran Duskiewicz, president and chief executive officer of Nice N Easy.
About CST Brands, Inc.
CST Brands, Inc. (NYSE: CST) is one of the largest independent retailers of motor fuels and convenience merchandise in North America. Based in San Antonio, Texas, CST employs nearly 12,000 Team Members at approximately 1,900 locations throughout the Southwestern United States and Eastern Canada offering a broad array of convenience merchandise, beverages, snacks and fresh food. In the U.S., CST Corner Stores proudly sell Valero fuels and signature products such as Fresh Choices baked and packaged goods, U Force energy and sport drinks, Cibolo Mountain coffee, FC Soda and Flavors2Go fountain drinks. In Canada, CST is the exclusive provider of Ultramar fuel and its Dépanneur du Coin and Corner Stores sell signature Transit Café coffee and pastries. For more information about CST, please visit www.cstbrands.com.