Coborn’s, Inc.

Transaction Details


Coborn’s, Inc.


St. Cloud, MN



Holiday Stationstores, LLC

Transaction Type:

M&A Advisory

Close Date:


Coborn’s, Inc. (“Coborn’s” or the “Company”) is a leading Minnesota based grocery retailer, with nearly 10,000 employees and 77 grocery stores across Minnesota, North Dakota, South Dakota, Wisconsin, Michigan and Illinois under the banners Coborn’s, Cash Wise Foods, Hornbacher’s, Tadych’s Marketplace Foods and Sullivan’s Foods.

Coborn’s was founded in 1921 by Chester A. Coborn who opened a one-room produce store in Sauk Rapids, Minnesota. Chris Coborn, a fourth-generation family member, is the current CEO and Chairman of the Board and his daughter Emily Coborn Wright, Vice President of Retail Support Services, and his son Peter Coborn, Director of Liquor Operations, are fifth-generation family members in leaderships roles.

Coborn’s entered the convenience store business in 1986 with its Little Dukes branded convenience stores and converted 14 locations to Holiday franchised stores in 2006. Coborn’s operates several fuel, liquor and pharmacy locations as well. To support its 200 various retail business units, Coborn’s also operates its own central bakery, dry cleaning facility and grocery distribution center.

To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of its 14 Holiday franchised fuel and convenience stores and one developmental site. Additionally, it was imperative a post-closing fuel rewards relationship was negotiated between Coborn’s and the buyer to continue acceptance of Coborn’s MORE Rewards program at the sites.

Matrix provided merger and acquisition advisory services to Coborn’s, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.

Multiple competitive offers were received, and Holiday Stationstores, LLC (“Holiday”) was ultimately selected as the acquirer.

Matrix assisted in the negotiation of the purchase agreement and corresponding post-closing lease, as well as coordinated the due diligence and closing process.

The transaction with Holiday closed in November 2023.

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