EG America takes over 9 Neon Marketplace c-stores in the Northeast
EG America has acquired nine leasehold convenience stores in the Northeast for an undisclosed amount, the company announced this week in its earnings update.
A company spokesperson was unable to share which states and cities these stores are located in or who the landowner is for each site. However, a report by WPRI confirmed that they're under the Neon Marketplace banner and located across Rhode Island and Massachusetts. EG America said in its earnings update it will rebrand these sites to its Cumberland Farms banner.
EG America has been on a selling spree for the past few years, but this small-scale purchase may indicate the retailer is ready to refocus on acquisitions.
EG America, which has about 1,500 c-stores across 30 states, sold over 150 convenience stores and executed sale-leaseback deals for hundreds of others between early 2023 and late 2024 to help its parent company, EG Group, pay down debt. Last December, EG Group said a significant chunk of its debt had been paid.
EG America's latest nine-store acquisition, which occurred earlier in May, marks the first of what could be many purchases now that its debt load has eased.
In an interview with C-Store Dive last month, former CEO John Carey said the company was looking to grow inorganically, especially on the East Coast, where it operates in Connecticut, Maine, New York, New Hampshire, Vermont, Rhode Island and its home state of Massachusetts.
The retailer's latest deal signals that it intends to grow the Cumberland Farms banner. Carey — who has since been replaced by EG Group CEO Russell Colaco — said last month that EG America wanted to prioritize rebranding more c-stores to Cumberland Farms, continuing an initiative that began in early 2022.
With nearly 600 locations, Cumberland Farms is EG America's largest chain, but the retailer has nine others, including TurkeyHill, QuikStop, Loaf'N Jug and TomThumb.
'It means we want to have one offer… What we haven't done a good job of is pulling the best from [all of our brands] and creating it,' Carey said last month in reference to unifying EG America under the Cumberland Farms banner.
Recommended Reading
With new faces at the helm, EG America is ready for takeoff
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
5 minutes ago
- Wall Street Journal
JD.com in Advanced Talks to Buy Germany's Ceconomy in $2.6 Billion Deal
China's JD 0.15%increase; green up pointing triangle is in advanced talks to buy Ceconomy in a deal that would value the target company at around $2.6 billion, the German electronics retailer said. The Beijing-based online retail group is mulling a cash offer of 4.60 euros for each ordinary share, Ceconomy said. The offer would value the German group at 2.23 billion euros ($2.63 billion).
Yahoo
32 minutes ago
- Yahoo
What to Expect From Insulet's Q2 2025 Earnings Report
Insulet Corporation (PODD), headquartered in Acton, Massachusetts, operates as an innovative medical device company. Valued at $20.2 billion by market cap, the company develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The insulin infusion systems maker is expected to announce its fiscal second-quarter earnings for 2025 before the market opens on Thursday, Aug. 7. Ahead of the event, analysts expect PODD to report a profit of $0.93 per share on a diluted basis, up 69.1% from $0.55 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion. More News from Barchart NVDA Broken Wing Butterfly Trade Targets A Profit Zone Between 150 and 160 Is Opendoor Stock a Buy at New 52-Week Highs? Billionaire Peter Thiel is Betting Big on Stablecoins. Should You Buy the "MicroStrategy of Ethereum," Too? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. For the full year, analysts expect PODD to report EPS of $4.33, up 33.6% from $3.24 in fiscal 2024. Its EPS is expected to rise 25.4% year over year to $5.43 in fiscal 2026. PODD stock has outperformed the S&P 500 Index's ($SPX) 14.5% gains over the past 52 weeks, with shares up 45.7% during this period. Similarly, it outperformed the Health Care Select Sector SPDR Fund's (XLV) 8.3% dip over the same time frame. Insulet's strong performance is driven by robust U.S. growth, expanding international demand, and the success of its Omnipod insulin delivery systems. With continued innovation and global expansion, the company is well-positioned for long-term growth in the diabetes care market, making it a promising investment in the medical technology sector. On May 8, PODD reported its Q1 results, and its shares closed up more than 20% in the following trading session. Its adjusted EPS of $1.02 surpassed Wall Street's expectations of $0.81. The company's revenue was $569 million, topping Wall Street forecasts of $542.1 million. Analysts' consensus opinion on PODD stock is bullish, with an overall 'Strong Buy' rating. Out of 23 analysts covering the stock, 19 advise a 'Strong Buy' rating, two suggest a 'Moderate Buy,' and two give a 'Hold.' PODD's average analyst price target is $343.77, indicating a potential upside of 19.9% from the current levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Aircraft maker Textron tops profit estimates on strong aftermarket service, Bell demand
(Reuters) -Aircraft maker Textron beat second-quarter profit and revenue estimates on Thursday, helped by strong demand for aftermarket parts and services and growth in its Bell unit. "In the quarter, we saw revenue growth in both our commercial aircraft and helicopter businesses, as well as in Bell's FLRAA program, now known as the MV-75," said Textron Chairman and CEO Scott C. Donnelly. Textron's larger aviation segment, which manufactures Cessna and Beechcraft aircraft, delivered 49 jets in the quarter, up from 42 in the second quarter last year. However, its quarterly deliveries of commercial turboprop were down to 34 from 44 last year. The segment's revenue rose 2.9% from last year to $1.52 billion, aided by higher aftermarket parts and services revenues in the second quarter. The company's Bell unit makes helicopters and tiltrotors, and has benefited from the Bell V-280 Valor program which the U.S. Army designates as the MV-75 future long-range assault aircraft. The unit posted a nearly 30% rise in quarterly revenue to $1.02 billion. Textron's total revenue rose more than 5% to $3.72 billion in the second quarter, compared with estimates of $3.64 billion, according to LSEG compiled data. Its quarterly adjusted profit stood at $1.55 per share, compared with the average of analysts' estimates of $1.44 per share. Textron reiterated its expectation for full-year 2025 adjusted earnings to be in the range of $6.00 to $6.20 per share. The Providence, Rhode Island-based firm, however, sees a $100 million hike in its annual adjusted manufacturing cash flow to be in the range of $900 million to $1.0 billion. This incorporates the expected impact associated with recently enacted U.S. tax legislation. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
