Toledo 76, Inc. (PS Food Mart) has sold eight convenience store assets in the Toledo, Ohio market to S&G Convenience Stores. Downstream Energy Group (DEG) announced that it served as the exclusive sell-side advisor to PS Food Mart.
Founded in the 1920s by the Folk family, PS Food Mart is a respected, family-run convenience store operator with more than forty (40) locations across South Central Michigan and Northern Ohio. Under the leadership of Richard Folk, the company built a strong reputation as a best-in-class retail operator.
This transaction involved only eight Toledo-area stores, representing a strategic divestment as part of PS Food Mart’s broader portfolio optimization plan. The sale enables the company to right-size its portfolio, sharpen its geographic focus, and reallocate resources to accelerate long-term growth and continued investment across its core Michigan markets.
DEG provided exclusive merger and acquisition advisory services to PS Food Mart. DEG is a leading M&A advisory firm providing services to middle market companies within the downstream energy sector and is comprised of professionals who have decades of experience as both owner/operators and strategic financial advisors to energy companies.
In its role as M&A advisor, DEG performed a strategic review of the company including the following: 1) valuation services; 2) development, implementation and execution of a competitive sales process; and 3) negotiation of a definitive asset purchase agreement.
“S&G Convenience Stores is acquiring high-quality retail assets that align well with its expanding footprint,” said Jeff Traub, Partner at DEG. “Richard Folk and his team have built an exceptional company, and it has been a privilege to represent them in this transaction.”
