Cumberland Farms is a privately owned convenience store chain and gas station. It was founded in 1938 by Vasilios and Aphrodite Haseotes in Cumberland, Rhode Island. Today the company is still owned by the Haseotes family, with their son Ari as the current CEO.
The company operates more than 600 retail stores across eleven states in the Northeastern United States, including Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. In addition to its network of convenience stores and gas stations it also owns several other subsidiaries such as Gulf Oil LP which supplies fuel to many of its locations throughout the region.
Cumberland Farms is a convenience store and gas station chain that has been around since 1938. It is currently owned by the Haseotes family who purchased it in 1980 and have grown it into one of the largest privately-held companies in New England with over 600 stores across 8 states. The company focuses on offering good value products, excellent customer service, and innovative store designs which makes Cumberland Farms an attractive option for customers looking to fill up their tanks or grab snacks and drinks on the go.
Barstool Pizza Review – Cumberland Farms (Nantucket)
How Much Did Cumberland Farms Sell for
Cumberland Farms, one of the largest convenience store chains in the United States, was recently sold to EG Group for $3.3 billion. The sale includes all Cumberland Farms stores and associated real estate holdings across 10 states in the Northeast and South. This marks a major milestone for EG Group as it continues to expand its presence in North America.
Who Bought Cumberland Farms?
Cumberland Farms, the iconic Northeast convenience store chain, was recently bought by a consortium led by EG Group. The purchase price for Cumberland Farms was reported to be $2.1 billion. This acquisition will make EG Group one of the largest operators of fuel and convenience stores in North America with more than 3,600 locations across 21 states and provinces in the U.S., Canada and Europe.
Founded as a small dairy farm in Cumberland, Rhode Island over 80 years ago, today’s Cumberland Farms has grown into an international brand with operations that span 28 states throughout the United States and a total of 600 retail outlets nationwide offering gas stations, convenience stores and other services such as ATMs, car wash facilities etc. Consequently this deal will give EG Group access to some key markets in Mid-Atlantic region including New Jersey and Pennsylvania which are important retail centers here around US..
Furthermore it is likely that customers will benefit from this move too since both companies have different approaches to customer service so there could be some interesting innovations coming out due to combining their respective strengths in order for them to meet customers need better going forward!
Did Cumberland Farms Get Bought Out?
Yes, Cumberland Farms recently got bought out. The convenience store chain announced in February of 2021 that it had been purchased by EG Group, a European-based fuel and convenience retailer. This purchase comes after more than 80 years of family ownership.
According to the company’s press release, the transaction is expected to close in late spring or early summer 2021 and will include all 576 stores across eleven states in the Northeast and Florida. The sale price was not disclosed but according to reports from Reuters it could be as high as $2 billion dollars. For Cumberland Farms customers this means that they can continue shopping at their local store with no changes other than new ownership.
However, for EG Group this purchase represents an expansion into new markets including New York City and Miami which are two major metropolitan areas where the company didn’t previously have any operations before acquiring Cumberland Farms.
Who Bought Out Tom Thumb?
In the late 1980s, Tom Thumb was bought out by Randall’s Food Markets, Inc., a subsidiary of Safeway Stores. The merger created one of the largest grocery store chains in Texas and eventually became part of Safeway’s nationwide network. In 1995, Safeway sold its stores to Albertson’s Inc., making it the then-largest food retail chain in Texas.
After several rounds of mergers and acquisitions over two decades, Randalls and Tom Thumb were acquired by Kroger Co., an American multinational grocer that operates more than 2,700 supermarkets throughout 35 states. Today, there are around 75 combined Randalls/Tom Thumb stores operating across Houston and Austin with plans for expansion into other markets soon.
What Did Cumberland Farms Sell For?
Cumberland Farms is an iconic chain of convenience stores that has been around since the 1930s. The company was founded by Vasilios and Aphrodite Haseotes in Cumberland, Rhode Island, and has grown to become one of the largest convenience store chains in the United States. In 2017, it was acquired by EG Group for $2.5 billion from its previous owner Couche-Tard.
The acquisition included all 585 Cumberland Farms locations as well as their gas station operations across 11 states. This acquisition marked a significant milestone for EG Group who were able to expand their portfolio into the US market with a leading brand like Cumberland Farms, which offered them an opportunity to further develop their growing network of fuel and convenience retail offerings across Europe and North America while also benefiting from established loyalty programs such as Farmhouse Rewards® and FreshStart™.
Conclusion
Overall, this article has examined the complex history of Cumberland Farms, from its small beginnings as a family-owned farm to its current status as an international convenience store chain. The evolution of the company over time illustrates how businesses can remain competitive in an ever-changing market by adapting and innovating their products and services. It is clear that while ownership has changed over the years, Cumberland Farms continues to be dedicated to providing customers with quality convenience at affordable prices.
