CALGARY — Fuel marketer and convenience store retailer Parkland Corp. says it has reached a deal to acquire M&M Food Market for $322 million.

The Calgary-based company says its acquisition of the Mississauga-based frozen food retailer includes over 300 stand-alone franchise and corporate owned stores, over 2,000 M&M Express locations and a well-established rewards program with approximately two million active members.

Parkland says the acquisition is part of a diversification strategy aimed at expanding its proprietary food offer, customer reach and innovation pipeline.

It says M&M will create quality food options that Parkland customers can consume fresh-from-frozen, both on site and on the go, and prepare from frozen at home.

The food items will be sold through Parkland’s existing network as well as its soon-to-be-launched standalone ON the RUN convenience locations.

The acquisition is subject to regulatory approval and is expected to close in the first quarter of 2022.

This report by The Canadian Press was first published Jan. 18, 2022.

Companies in this story: (TSX:PKI)

The Canadian Press