LEWISTON, ME -- Maine's Casco Bay Vending has acquired Pine State Vending, a division of Pine State Trading Co., and Canteen of Maine.
Casco Bay Vending, based here and founded in 2008 by Ted Morton, operates snack and beverage vending machines, micromarkets and full-service cafés. With the acquisition, CBV employs more than 120 people and serves 2,000 customers in more than a half dozen counties, including Androscoggin, York, Cumberland, Sagadahoc, Lincoln, Kennebec, Oxford and Franklin.
"We are thrilled with the acquisition of these two outstanding companies," CBV president Ted Morton said. "With the addition of the exceptional staff from Pine State Vending and Canteen of Maine who will be joining our team, we will truly be able to provide the highest-quality service."
Canteen of Maine and Pine State, both third-generation, family-owned businesses, were not actively looking to sell, according to Morton. But after an out-of-state company approached the two operators, and Casco Bay Vending, with an interest in purchasing all of them last summer, it seemed like the right time for a sales plan.
Morton was not interested in selling his company and approached his two competitors about purchasing their operations. Both companies decided they were ready to sell and that the acquisition by Casco Bay Vending would be the best fit to uphold their service standard and to safeguard their employees.
"It was important to all three companies that our employees be taken care of, and we all felt this could best be done by a Maine company," Morton said.