Coen Markets being sold to UK-based group
After more than 80 years of local ownership by the McIlvaine family, Coen Markets Inc. is being sold to U.K. convenience operator EG Group though subsidiary brand Cumberland Farms for an undisclosed amount.
According to a statement published by EG late last week, “(t)he transaction reflects Cumberland Farms’ ongoing strategy to accelerate its growth through targeted, value-driven, and complementary investments.”
Cumberland will acquire all 54 Coen locations spread across Pennsylvania, Ohio and West Virginia, plus three additional sites that are currently under development.
Completion is anticipated to occur in 2026, pending standard regulatory approvals, according to the statement.
According to Charlie McIlvaine, Chairman and CEO of Canonsburg-based Coen Markets, “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.”
Said Coen Markets President Andy McIlvaine, “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.”
“This acquisition is a clear expression of our commitment to disciplined growth in the US – our largest market by both sites and revenue,” said Cumberland Farms CEO Russ Colaco. “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.”
Coen Markets began as Ross Independent Oil in 1923 under the leadership of founder Raymond Ross, who later sold the company to CS Coen in 1945, according to the company website.
Coen now serves customers across the mid-Appalachian region through more than 50 convenience and fuel retail locations.
EG Group did not disclose the purchase price for Coen, nor did the company reveal any plans regarding staff retention after the sale is complete.
Coen Markets did not respond to multiple requests for comment.