Newsagent and c-store operator TM Group plans to expand its market share in the convenience and CTN sectors following a buyout by its existing management and the Bank of Scotland.
The secondary buyout, revealed this week and supported by a £165m integrated debt and equity package from the Bank of Scotland, will enable private equity investors Montagu Private Equity and Electra Partners, which acquired the business in 1995, to exit the group. James Lancaster, chairman of TM Group, told The Grocer: “We want to expand the business via acquisitions and gain market share in the c-store and newsagent markets. More flexible finances following the buyout will allow us to do this.”
TM Group has a history of successful acquisitions. Since its initial buyout in 1995, a number of acquisitions and disposals have resulted in TM operating more than 1,300 stores under the McColl’s, Martins, More, Forbuoys and Dillons fascias.
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