Recent acquisitions involve companies in the United States and Australia
Canadian companies Parkland, Blackstone, Maropost, and Curaleaf announced recent acquisitions within the country and across the border. Ontario-based M&M Food Market agreed to sell for $322 million to Parkland. Across the border, American companies Phoenix Tower International and Bloom Dispensaries and Australian firm Retail Express had deals with Blackstone, Curaleaf, and Maropost.
Parkland to acquire Ontario-based M&M Food Market for $322 million
Parkland Corporation, convenience store operator and fueling business, agreed to purchase Ontario-based frozen food retailer M&M Food Market for $322 million. The transaction is expected to close in the first quarter of 2022.
The agreement involves over 300 standalone franchise and corporate owned stores, over 2,000 M&M Express locations, and a rewards program with around two million active members.
"This acquisition provides a platform to grow our food offer, expand our proprietary brands, and advance our digital and loyalty strategy," said Ian White, SVP Strategic Marketing & Innovation. "Consistent with our commitment to create convenience destinations, M&M's national store network, and innovative approach to food preparation and menu development positions us to offer high-quality food that complements our growing quick-serve restaurant offerings. We will grow these capabilities in all our operating regions and bolster our digital connection to customers by combining M&M and JOURNIE™ rewards programs. We look forward to bringing ON the RUN and M&M together to help customers make the most of every stop."
Blackstone buys 35 per cent stake in U.S.-based cell tower firm Phoenix Tower International
Blackstone Infrastructure Partners bought from Manulife Investment Management a 35 per cent stake in Phoenix Tower International (PTI), a cell tower company based in the United States.
Phoenix Tower International owns over 14,000 cell towers across 18 countries. The transaction with PTI is part of Blackstone’s continued investment in the digital infrastructure industry, following investments in data center company QTS and fiber-to-the-home provider Hotwire.
Greg Blank, Blackstone Infrastructure Partners senior managing director, commented, “We are thrilled to partner with Dagan Kasavana and the entire PTI team. Cell towers represent one of the highest-quality and most durable infrastructure asset classes given their mission critical nature and long-term growth tailwinds. We look forward to supporting PTI’s continued growth and expansion by leveraging Blackstone’s scale and resources.”
PTI CEO Dagan Kasavana said, “There is a massive growth opportunity in the wireless infrastructure sector across the world, and I am pleased to have world-class partners from Blackstone on my team to continue to expand the business. We are excited to continue the growth journey for PTI with Blackstone Infrastructure.”
Maropost acquires Australian software company Retail Express for $55 million
Digital commerce and marketing firm Maropost acquired Australian software company Retail Express in $55 million-deal as part of the company’s global expansion.
Retail Express handles point-of-sale (POS) for mid-market and enterprise retail brands in Australia and New Zealand. To date, the company assisted more than 5,200 retailers and 45,000 users in transactions totaling over $50 billion.
Ross Andrew Paquette, Maropost CEO and founder, stated, “We’re extremely excited to work with the experts at Retail Express. There are incredible synergies between our companies from the customer, technology and philosophical perspectives. With these unified strengths, we look forward to a very exciting future together.”
Aaron Blackman, Retail Express CEO and founder, said, “We know what it takes to run a successful retail business. When I started building Retail Express, I wanted to regain visibility and control over my own retail business. So I made sure that our platform has everything a commerce merchant would need. Now with Maropost we can serve our community in a whole new way! We believe in partnerships, not transactions. And we can’t wait to create more success stories together!”
Curaleaf closes acquisition of U.S. cannabis operator Bloom Dispensaries for $263 million
Curaleaf Holdings, Inc. completed the previously announced acquisition of Bloom Dispensaries, cannabis operator in Arizona, for approximately $263 million. The transaction closed on January 19.
The acquisition expands Curaleaf’s cannabis products dispensaries to 13 in Arizona and 121 nationwide.
Boris Jordan, Curaleaf Executive Chairman, said, "Bloom is an excellent strategic fit for Curaleaf as it further expands our capacity and retail footprint in Arizona with an attractive set of assets, enabling us to better serve the state's US$1.4 billion-plus annual market opportunity. Adding to these benefits, Bloom will be immediately accretive to our adjusted EBITDA margins. On behalf of the Board of Directors and management team, I am pleased to officially welcome Bloom to the Curaleaf family."
Joseph Bayern, Curaleaf CEO, added, "We are very excited to complete our acquisition of Bloom. Bloom is an ideal asset to expand Curaleaf's presence in Arizona having built a strong and profitable business by consistently delivering the highest quality products to the market. Arizona represents a significant market opportunity with strong long-term growth potential, and we believe the combination of our two companies will enable Curaleaf to accelerate our growth strategy in the state."
