GARDINER, ME -- Pine State Trading Co. said it has entered into an agreement to sell substantially all of the assets of its convenience store division to Core-Mark Holding Co. Inc., one of North America's largest marketers of fresh and broad-line supplies to the convenience retail industry.
Pine State Trading Co., family-owned for three generations, is one of New England's leading markers and distributors of convenience and beverage products. Its other divisions -- Pine State Vending, Pine State Beverage, Pine State Spirits and Town & Country Foods -- will continue under the same family ownership and management.
Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to over 38,000 customer locations in the U.S. and Canada through 28 distribution centers (excluding two distribution facilities the company operates as a third-party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, among other outlets that carry convenience products.
Pine State managing partner Keith Canning will become president of the new entity, Pine State Convenience, a division of Core-Mark. All employees working for the convenience store division will be retained by Core-Mark, which will continue to operate out of Pine State Trading Co.'s Gardiner, ME, facility.
"This deal affords us the opportunity to widen our geographic footprint in an area where we have a limited presence and offer Pine State Convenience customers a new spectrum of products and marketing programs that have brought our own retailers success," said Core-Mark chief executive Tom Perkins.
Pine State Trading's corporate headquarters and management team, including owners Nick Alberding and Gena Canning, will relocate to newly leased office space in Gardiner, ME.