M&A: Cumberland exits three states; PMG, Lehigh expand their reach

摘要

Cumberland Farms has sold its remaining convenience stores in three states - Delaware, New Jersey and Pennsylvania - in order to focus strategically on the six New England states, New York and Florida, the company has confirmed. The company, still one of the nation's largest c-store chains with about 600 units, said it has entered into a strategic agreement with Petroleum Marketing Group (PMG), a large oil marketer in the Mid-Atlantic region, to sell 27 properties in New Jersey, Pennsylvania and Delaware for undisclosed terms.