Stewart's Shops Completes Deal for Jolley Stores
SARATOGA SPRINGS, N.Y. — Jolly Stores are officially part of the Stewart's Shops family after the retailer completed its acquisition of the assets of Jolley Associates LLC and S.B. Collins Inc. (SBC).
The deal included 45 Jolley convenience stores — including five sites in New York, two in New Hampshire and 38 in Vermont — plus a wholesale dealer and the St. Albans, Vt.-based Clarence Brown heating oil business.
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Founded in the 1920s by Stephen Brooks Collins, the family-owned petroleum distributor SBC served the local community in and around St. Albans for more than 100 years. Emanuel (Pete) Jolley purchased SBC from Stephen Collins in 1963 and continued to grow the business. In 1976, his sons Bob and Bruce expanded the family business by converting company-owned, full-service locations into convenience stores and establishing Jolley Associates to operate the stores under the Short Stop brand name.
In 2001, the company underwent a storewide branding initiative that incorporate the Jolley logo. SBC diversified its portfolio further in 2011 by purchasing Clarence Brown, also based in St. Albans and the oldest family-owned heating oil delivery business in the region.
Matrix Capital Markets Group Inc. provided merger-and-acquisition advisory services to SBC, including valuation advisory, marketing the enterprise through a confidential, structured sale process and negotiation of the transaction.
"Matrix has been an invaluable resource for many years, and we knew they were the right advisor when it came time to sell our business," said SBC President Bruce Jolley and Vice President Mary Ellen Jolley. "Their deep industry knowledge and advisory expertise were instrumental in bringing us to a successful closing, and we feel we've found a great partner in Stewart's."
Saratoga Springs-based Stewart's Shops operates c-stores across 31 counties in upstate New York and southern Vermont.