M&As this week: The Cigarette Store Corp, The North West Company, Conviviality Brands

5 May 2016 (Last Updated May 5th, 2016 18:30)

The Cigarette Store Corp. (TCSC) has completed the acquisition of Tobacco Depot and its 13 stores in Florida, US.

The Cigarette Store Corp. (TCSC) has completed the acquisition of Tobacco Depot and its 13 stores in Florida, US.

TCSC will operate the stores under the name Tobacco Depot and eventually co-brand them as 'Smoker Friendly'. The acquisition will increase Cigarette Store's offerings for retail tobacco market in the state.

Previously owned and operated by Fred Hoyland, Tobacco Depot provides cigar and tobacco products.

"Upon completion of the acquisition, North West's business will be marketed under Riteway Food Markets and Roadtown Wholesale Trading."

The North West Company has signed a letter of intent to acquire a majority interest in UK-based Roadtown Wholesale Trading (Riteway Food Markets).

Canada-based North West will seek government approval for the transaction, which is also subject to a definitive purchase agreement.

Upon completion of the acquisition, North West's business will be marketed under Riteway Food Markets and Roadtown Wholesale Trading.

Conviviality's wholly owned subsidiary Conviviality Brands will acquire 100% issued share capital of wine, spirit and beer wholesaler and distributor Bibendum PLB (Topco).

The consideration for the acquisition is £60m ($87.73m), $46.79m of which is being funded through placement of new ordinary shares, and $14.62m is provided via a term loan.