Mickey Mart Foodstores announced the closing of a generational transition of ownership of its retail petroleum and quick-service restaurant operations from its family patriarch and founder, Mick Coles, to new owner, president, and CEO, Dan Coles. In conjunction with the transaction, Dan Coles has acquired all of the Mickey Mart Foodstores and affiliated assets. Mickey Mart currently operates 35 locations throughout northern Ohio.
“We are proud of the legacy that has been established over the last four decades and will continue to maintain Mickey Mart Foodstores’ core values of providing exceptional service to our customers,” says Dan Coles. “We are well positioned and look forward to expanding Mickey Mart Foodstores with the introduction of new offerings, partnerships, and strategic acquisitions through the implementation of our comprehensive corporate growth strategy. Mickey Mart is very fortunate to have a highly trained team, both at the retail and corporate level to consistently deliver best-in-class performance.”
Open Prairie Energy, a Chicago and Effingham, Illinois–based private equity firm with a strategic consulting practice focused on the retail energy sector, served as lead advisor to the Coles family on the transaction. To facilitate the transaction, Open Prairie Energy assisted Mickey Mart in securing a credit facility with The PrivateBank to fund the buyout and provide a platform to accelerate expansion.
“We appreciate the opportunity to work with an extraordinary organization with strong leadership and enormous potential for future success,” says Open Prairie Energy’s managing director, Steve Griffin. “We congratulate the Coles family and are excited to be part of Mickey Mart Foodstores’ next phase of development.”