Peninsula Consumer Services Co-operative (Peninsula Co-op) has agreed to take over seven Liquor Express retail locations on Vancouver Island, Canada.
The retail stores are located at Yates St at Blanshard, Downtown Victoria; Wilkinson Rd at Interurban, Saanich; Six Mile at Island Hwy, View Royal; Keating Centre, Saanichton; Tillicum Mall, Saanich; Esquimalt Plaza, Esquimalt and Selby St, Nanaimo.
The transaction is subject to due diligence and customary closing conditions, including regulatory approvals.
It is expected to close in mid-September.
Financial terms of the transaction have not been disclosed.
Peninsula Co-op CEO Corey Gillon said: “While valuing our origins as a community-based member-owned organisation, we are thrilled to expand our footprint of retail liquor locations.
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“Undoubtedly, this transaction signifies a shift that supports the scaling of our existing retail platform and enables us to continue on the path of increased presence in the retail liquor sector.”
The acquisition offers a growth opportunity for Peninsula Co-op and aligns with its strategy to diversify operations.
Following the acquisition, the company intends to retain existing team members from the acquired locations.
In a statement, the company said: “We’re eager to welcome a team of diverse talent into our Peninsula Co-op family as we embark on this exciting venture.”
During the process, KPMG and Pushor Mitchell acted as the exclusive financial advisors and legal counsel to Peninsula Co-op.
Peninsula Co-op, which is based in Vancouver Island, operates fuel and convenience centres, offering grocery, liquor and home heating products.