Saratoga Business Journal photo
Stewart’s Shops has signed an agreement to purchase the assets of Jolley Associates convenience store chain and S.B. Collins, including its heating oil business Clarence Brown of St. Albans, Vermont.
The acquisition, which requires federal regulatory approval, is expected to close by the end of 2024. Terms of the deal remain confidential.
The transaction includes the purchase of 45 Jolley stores including five in New York, two in New Hampshire and 38 locations in Vermont.
“We are thrilled to have this opportunity to acquire a company with such an impressive reputation in a market that we’ve been watching for many years,” said Stewart’s Shops president Gary Dake. “One of the primary reasons we were drawn to this deal is because of the quality and the character of Jolley’s employees.”
The acquisition also brings together two longtime family businesses.
Jolley Associates was founded 50 years ago by brothers Bruce and Robert Jolley. Through the years, their business developed a reputation as a market leader throughout Vermont.
Stewart’s Shops, a family- and employee-owned business, was founded in 1945 and grew to 360 convenience stores throughout upstate New York and western Vermont.
“We are proud of what we have accomplished over the years and we are happy to know that Stewart’s is providing our employees an opportunity to have ownership in the business and will continue to treat them well,” said Bruce Jolley, president and co-founder of Jolley Associates.