PORTLAND, Maine — The Gardiner-based distributor Pine State Trading Co. has agreed to sell its convenience store supply business to the national distributor Core-Mark, for about $112 million.
Core-Mark, a publicly traded company based in South San Francisco, estimated the transaction price in a news release to investors Monday.
Pine State, in a news release, said Core-Mark will retain all of the more than 500 employees in Pine State’s convenience supply division, which operates out of the Market Street Business Park in Gardiner.
Tom Perkins, president and CEO of Core-Mark, said Core-Mark decided to buy Pine State to expand in an area “where we have a limited presence.” Core-Mark said Pine State “has long been a leader in the industry” and that its convenience store division logs about $1 billion in annual sales.
Perkins attributed Pine State’s value to “providing exemplary customer service and advocating vendor consolidation and data-driven selling.”
Pine State said with the deal that its corporate headquarters will move to a new office space in the Libby Hill Business Park in Gardiner and will retain its Pine State Beverage, Pine State Spirits and Pine State Vending and Town & Country foods divisions.
Charlie Canning Sr. started Pine State Trading Co. in 1941. The company is now run by three of his grandchildren, managing partners Keith Canning and Gena Canning and CEO Nick Alberding.