Casco Bay Vending buys two rival companies
Lewiston-based Casco Bay Vending acquired two of its competitors.
Pine State Vending, a division of Pine State Trading Co., and Canteen of Maine were acquired in an amicable deal, Ted Morton, president of Casco Bay Vending, said in a statement Tuesday.
Neither business had been for sale. Morton said his business and the two others were approached last summer by an out-of-state buyer, and he stepped in.
“After much discussion, both companies decided that it was time to ‘pass the torch’ and that Morton and Casco Bay Vending would be the best fit to uphold their established values and honor their existing employees,” Casco Bay Vending said in a news release.
Terms of the deal were not disclosed.
All 120 total employees will be retained, Morton said. The combined company will serve customers from Orono south to Kittery and Jay east to Bar Harbor.
Casco Bay Vending was founded in 2008 and offers healthy snack options in traditional vending machines, but also in “micro-marts,” full-service cafes and other sites.
Bangor-based Canteen of Maine and Gardiner-based Pine State Vending are both third-generation, family-owned businesses.
Pine State Trading sold its convenience store division last year to South San Francisco, Calif.-based Core-Mark (NASDAQ: CORE), one of North America's largest marketers of fresh and broad-line supply solutions to the convenience retail industry.
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