Convenience store retailer Cumberland Farms files for IPO
Cumberland Farms Ltd. is moving closer to going public.
The convenience store retailer has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed public offering. The company, which plans to trade on the Nasdaq under the ticker symbol “CMBY,” said the number of shares to be offered and the price range for the proposed offering not yet determined.
Cumberland Farms was formerly known as EG Group, a global convenience retailer with more than 3,200 stores in the United States — its single biggest market by revenue — and Europe. (The name change became official this June. The company also moved its headquarters from the U.K. to Charlotte, N.C.)
“We believe we have a compelling opportunity in the United States to leverage the strength of the Cumberland Farms brand to drive higher site productivity and accelerate growth,” the company wrote in its SEC filing. “This opportunity underpinned the decision to relocate our global headquarters to the United States and to unify the company under the Cumberland Farms name.”
The retailer is planning to go public after having completed several divestitures, including most recently the sale of its Australian operations. The company’s French operations are under contract to be sold, and it also is the process of divesting its remaining U.K. operations.
As of Jan. 1, Cumberland Farms had 1,464 U.S. stores, with its banners including Cumberland Farms, Certified Oil, Fastrac, Kwik Shop, Loaf N' Jug, Minit Mart, Quik Stop, Sprint, Tom Thumb, Coen Markets and Turkey Hill.
In March, the company agreed to acquire Pennsylvania-based Coen Markets, which operates 54 stores spanning Western Pennsylvania, Eastern Ohio and Northern West Virginia. The deal also includes three sites currently under development.
“This acquisition is a clear expression of our commitment to disciplined growth in the U.S. — our largest market by both sites and revenue," said Russ Colaco, CEO of Cumberland Farms, in a press release announcing the deal.
