M&M Food Market will be acquired by Parkland
MISSISSAUGA, ON, January 18, 2022 /CNW/ – M&M Food Market (“M&M”) today announced that it has entered into a definitive agreement to be acquired by Parkland Corporation (“Parkland”), a leading international retail businesses convenience stores and fuel marketing. The deal comes after M&M’s successful efforts to rebrand, transform its stores and food portfolio and as M&M pursues its strategy of further Canadian growth and international expansion.
Parkland’s focus on building convenience destinations and growing its food offering is expected to increase the strength of the iconic M&M Food Market brand. Through the transaction, Parkland will also benefit from a nationwide network of over 300M&M stores, more than 2,000 million&M Express locations, nearly 500 specialty frozen products and M&M’s significant investments in technology. Parkland will bring scale and complementary leadership strength that will allow M&M Meat Shops to continue to grow in Canada while expanding into new international markets.
“Today marks the start of a bold new chapter for our company and a testament to the vision and tireless work of our dedicated team,” said Andy O’Brien, CEO, M&M Food Market. “After a thorough review of our experience, products, profitability, impressive network of dedicated franchise partners and business strategy, Parkland has concluded that M&M will play a vital role in achieving its long-term goals in the food industry.”
Supported by its food-focused culture, the M&M team will play a leading role in advancing Parkland’s food strategy. The M&M brand, leadership, franchise system, store network and office of Mississauga, ON will remain in place.
“This acquisition provides a platform to significantly grow our food offering in all of our markets,” said Ian White, SVP Strategic Marketing & Innovation. “M&M’s innovative approach to food preparation, national store network and menu development allows us to offer new restaurant-quality food options that complement our existing quick-service restaurants. We plan to expand this capability across all of our operating regions and strengthen our connection to customers by combining the M&M and JOURNIE™ rewards programs to form a best-in-class loyalty program.”
A legacy of growth and innovation
Originally known as M&M Meat Shops, the company’s first store opened in Kitchener, Ont. in 1980. Throughout the 1990s and 2000s, franchise locations were opened across the country and their products became synonymous with special occasions, entertainment and everyday dining. In 2014, the company was acquired by Searchlight Capital Partners and new management undertook rebranding, complete store renovations and a complete menu overhaul to exclude ingredients such as artificial flavors, colors and sweeteners. . Today, M&M Foods proudly operates 315 franchise stores and more 2,000 million&M Express locations through innovative partnerships with top retailers including Rexall, Beaudry-Cadrin and Home Hardware.
“We are excited about the next chapter of M&M and welcome Parkland’s innovative integrated retail approach which is poised for strong brand expansion,” said Erol Uzumeri, founding partner of Searchlight Capital. “We extend our heartfelt appreciation and gratitude to M&M’s excellent management team, employees and franchise partners for establishing M&M as a high quality and trusted food brand for Canadians nationwide.
The transaction is subject to customary closing conditions, including approval under the Competition Act (Canada). Parkland and M&M expect to close the transaction in the first quarter of 2022.
M&M Food Market was advised by RBC Capital Markets, CG Sawaya Partners and Goodmans LLP.
About M&M Foods:
Founded in 1980, M&M Food Market is from Canada leader in frozen food retailing and has helped Canadians put delicious meals on the table by providing consumers with products carefully prepared using authentic recipes and high-quality ingredients as well as personalized customer service, all in a unique and convenient shopping environment. After the start of a major rebranding effort in 2016 – including the rebranding of M&M Meat Shops, a new store design, new products and packaging, a new website and newly trained Meal Advisors – M&M Meat Shops has focused on innovation in virtually every aspect of the business. It is headquartered at Mississauga, ON, with offices in all ten provinces, yukon and the Northwest Territories. M&M has been recognized as one of from Canada Best Managed Companies for 11 consecutive years. M&M products include delicious and convenient options in virtually every food category, including appetizers, ready meals, seafood, meats and poultry, vegetables, sides, bakery and desserts and come in sizes ranging from individual portions to family options.
Parkland is a major operator of convenience stores and an independent supplier and distributor of fuels and petroleum products. Parkland serves customers across Canada, United States, the Caribbean region and the Americas through three channels: retail, trade and wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted, locally relevant fuel brands and convenience store offerings in the communities it serves.
Parkland creates shareholder value by focusing on its proven strategy of organic growth, realizing a supply advantage, and prudently acquiring and successfully integrating. At the heart of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.
About Searchlight Capital Partners
Searchlight is a global private investment firm with over $9 billion of assets under management and office space New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, visit www.searchlightcap.com.
Certain statements contained in this press release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this press release, the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements regarding, among other things, the successful completion of the transaction described in this press release; its schedule; the expected benefits of the transaction; and the creation of a loyalty coalition between the M&M and JOURNIE™ rewards programs. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. No guarantee can be given that such expectations will prove to be correct and undue reliance should not be placed on any forward-looking statements included in this press release. These forward-looking statements speak only as of the date of this press release. M&M undertakes no obligation to publicly update or revise any forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to numerous risks and uncertainties, including, but not limited to, the inability to complete the transaction; non-satisfaction of the closing conditions of the transaction; failure to realize some or all of the anticipated benefits of the transaction; and general economic, market and business conditions.
SOURCE M&M Food Market
For further information: For media inquiries, please contact: Christopher Wood, M&M Meat Shops Media Profile, 416-342-1807, [email protected]