Parkland Corp. of Calgary is buying M&M for $322 million.
Parkland owns On The Run and Ultramar convenience stores and gas stations. M&M has 315 stores in 10 provinces marketing flash-frozen foods and meals.
The deal, subject to regulatory and other approvals, is expected to close sbefore spring, the companies said.
M&M Meat Shops opened its first store in a strip mall on Victoria Street in Kitchener in 1980, was owned by two professionals, Michael Voisin and Mark Nowak, and operated by their wives.
Searchlight Capital Partners bought the business in 2014.
M&M also has more than 2,000 M&M Express locations at retailers such as Rexall, Home Hardware and Circle K, and at Parkland-owned convenience store and fuel station chains such as On The Run, FasGas, Ultramar and Pioneer.
Under the Parkland deal, M&M’s brand, leadership, franchise system, store network and head office in Mississauga will “remain in place,” the company said in its release.
