Core-Mark buys Pine State Convenience for $112m

Core-Mark Holdings Company Inc., one of the largest convenience store suppliers in the United States, has signed a Definitive Asset Purchase Agreement to purchase Pine State Convenience from Pine Trading Company for approximately $112 million, according to a company release.

Pine State Convenience is a “supplier of choice” in the beverage and convenience store business in the northeast region of the United States.

It serves more than 4,000 convenience stores, including independent and chain stores, from Fort Kent, Maine, to New York, according to Press Herald.

“This acquisition affords us the opportunity to widen our geographic footprint in an area where we have a limited presence and offer Pine State Convenience customers a new spectrum of products and marketing programs that have brought our own retailers success," said Thomas B. Perkins, President and Chief Executive Officer of Core-Mark.

The company’s more than 500 employees will be retained by Core-Mark, and Keith Canning will be the president of Pine State Convenience, which will now become a division of Core-Mark.

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