March 12, 2026 – Cumberland Farms has agreed to acquire Coen Markets, a well-regarded convenience and fuel retailer with deep roots in the Pittsburgh area with operations spanning Western Pennsylvania, Eastern Ohio, and Northern West Virginia.

The transaction reflects Cumberland Farms’ ongoing strategy to accelerate its growth through targeted, value-driven, and complementary investments. By combining Coen Markets' established foodservice offering and regional network with Cumberland Farms existing US operations, the company expects to unlock meaningful value creation and deliver strong returns.

The acquisition comprises 54 operating sites along with three New to Industry (“NTI”) locations currently under development. Completion is anticipated to occur in 2026, pending standard regulatory approvals.

Russ Colaco, CEO of Cumberland Farms, said: "This acquisition is a clear expression of our commitment to disciplined growth in the US – our largest market by both sites and revenue. Charlie and Andy McIlvaine have built an exceptional business defined by well invested sites and an exceptional customer experience anchored by their Foodservice offering.  We are excited to welcome the Coen Markets team to Cumberland Farms and to continue building upon the legacy of success.”

Andy McIlvaine, President of Coen Markets, said: “Coen Markets has expanded successfully with its distinctive food offer, value-creating Club Coen loyalty program, and store level execution in line with our mission to ‘impress and satisfy its guests with every visit and make their lives simpler’. We believe Coen’s business model and offer can expand further and we want to ensure future growth with a partner that can take the business to yet another high level.”

Charlie McIlvaine, Chairman & CEO of Coen Markets, added: “Our success is a team effort.  Every one of our senior leaders and our team members have embraced our vision and made our convenience offer stand out.  This brings us tremendous pride, and we have confidence that Cumberland Farms will continue that which we started and further advance our offer for the benefit of our customers.”

BofA Securities served as financial advisor and Blank Rome LLP and Babst Calland served as legal advisors to Coen Markets. Wells Fargo served as financial advisor and Winston & Strawn served as legal advisor to Cumberland Farms.