Fuel marketer and convenience store retailer Parkland Corp. says it has reached a deal to acquire M&M Food Market for $322 million.
The Calgary-based company says its acquisition of the Mississauga-based frozen food retailer includes over 300 stand-alone franchise and corporate owned stores, over 2,000 M&M Express locations and a well-established rewards program with approximately two million active members.
Parkland says the acquisition is part of a diversification strategy aimed at expanding its proprietary food offer, customer reach and innovation pipeline.
It says M&M will create quality food options that Parkland customers can consume fresh-from-frozen, both on site and on the go, and prepare from frozen at home.
The food items will be sold through Parkland's existing network as well as its soon-to-be-launched standalone ON the RUN convenience locations.
The acquisition is subject to regulatory approval and is expected to close in the first quarter of 2022.