Stewart's Shops to Add 45 Stores in Latest Channel M&A Deal
SARATOGA SPRINGS, N.Y. — Stewart’s Shops signed an agreement to purchase the assets of the Jolley Associates convenience store chain and S.B. Collins, including the Clarence Brown heating oil business situated in St. Albans, Vt.
The transaction includes the purchase of 45 Jolley stores, which encompasses five sites in New York, two in New Hampshire and 38 locations in Vermont.
"We are thrilled to have this opportunity to acquire a company with such an impressive reputation in a market that we've been watching for many years," said Stewart's Shops President Gary Dake. "One of the primary reasons we were drawn to this deal is because of the quality and the character of Jolley's employees."
The acquisition will bring together two longtime family businesses.
Jolley Associates was founded 50 years ago by brothers Bruce and Robert Jolley. Through the years, their business developed a reputation as a market leader throughout Vermont, according to the company.
Owned by the Dake family, Stewart's Shops was founded in 1945 and has grown to 360 convenience stores throughout New York and Vermont. The Dakes recently announced their plan to sell off their 60% stake in the company to the retailer's employee stock ownership plan over the next 20 years, creating a majority employee-owned company.
"We are proud of what we have accomplished over the years and we are happy to know that Stewart's is providing our employees an opportunity to have ownership in the business and will continue to treat them well," said Bruce Jolley, president and cofounder of Jolley Associates.
The acquisition, which requires federal regulatory approval, is expected to close by the end of 2024. Terms of the deal remain confidential.
Saratoga Springs-based Stewart's Shops operates c-stores across 31 counties across upstate New York and southern Vermont. The company was recently named one of America's Greatest Workplaces for Diversity 2024, presented by Newsweek.