CANASTOTA, NY—Convenience store chain Nice N Easy Grocery Shoppes Inc. has signed a definitive asset purchase agreement to sell all of its assets to San Antonio, TX-based CST Brands Inc.
The assets include 33 company-operated stores owned or leased by the company and its rights as franchisor to 44 others locations, all located in central New York State.
The company’s decision to sell all of its assets began in the fall of 2013 when 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 earlier 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, company officials say. No financial terms of the transaction were disclosed.
“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,” says Fran Duskiewicz, president and chief executive officer of Nice N Easy. “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.”
MacDougall founded Nice N Easy Grocery Shopppes in 1980 with two other partners, became sole owner of the company in 1996, and was the owner, president and CEO until his death on June 21, 2014. According to the company’s website, Nice N Easy Grocery employs more than 1,500 workers.
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 sell Valero fuels and signature products.