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 Carey — who has since been replaced by EG Group CEO Russell Colaco — said last month that EG America wanted to prioritize rebranding more c-stores to Cumberland Farms, continuing an initiative that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.
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