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News
Chicago merchant takeover
Chicago-based merchant Binny’s Beverage Depot has acquired its local rival Sam’s Wines & Sprits. Following the sale of Sam’s to a private equity firm in 2007, the deal between the two businesses is expected to be finalised next week, according to the Chicago Sunday Times.
The sale, for an undisclosed sum, will include Sam’s original store in Lincoln Park and another store in Downers Grove, boosting Binny’s number of stores to 24. Earlier this year, Sam’s closed two of its outlets, one of which had only been open for two years.
Rumours that the two stores were looking at merging started doing the rounds in January this year, although similar rumours, which came to nothing, were also circulating in the 1990s.
Binny’s estimated annual revenue was $200 million in 2008 while the most recent figures available for Sam’s is $60m in revenue for 2007, according to the Chicago Tribune.
Arbor Investments, a Chicago-based private equity firm, bought 80% of Sam’s from the Rosen family in May 2007, ending the family’s control of the business. Brian Rosen who stayed on as president with a 20% ownership stake, left the firm in December 2008.
Jane Parkinson, 12.10.2009