AMCON Distributing Company Announces Strategic Investment in Team Sledd
03 Janvier 2020 - 10:10PM
Business Wire
AMCON Distributing Company (“AMCON”) (NYSE American: DIT) an
Omaha, Nebraska based consumer products company is pleased to
announce that it has agreed to make a strategic investment in Team
Sledd which is headquartered in Wheeling, West Virginia. Team Sledd
has annual revenues of approximately $600 million and serves the
West Virginia, Pennsylvania, Ohio, Virginia, Kentucky, Maryland,
and Delaware markets.
Robert Sincavich and Randy Emanuelson, co-owners of Team Sledd,
will retain a majority interest in Team Sledd and continue in their
roles as President and Vice President, respectively. Team Sledd
employees will continue in their current capacities guided by the
same philosophy and commitment to retail partnership as they have
in the past. “We are delighted to support Rob and Randy with this
investment to provide growth capital for the Team Sledd enterprise,
said Christopher H. Atayan, AMCON’s Chairman and Chief Executive
Officer. Mr. Atayan further noted, “This strategic investment is
designed to benefit both Team Sledd and AMCON customers.”
Rob Sincavich, President of Team Sledd, said, “In this era of
consolidation, Team Sledd felt it was important to partner with a
respected industry supplier that has the geographic and economic
scale to broaden our collective reach and capabilities. This
partnership helps us create the pre-eminent convenience distributor
in both the Midwest and Mid-Atlantic regions of the United States.
As a distributor serving 26 states with six distribution centers,
AMCON brings a customer-centric business model, hands-on customer
service and support, and a commitment to innovative foodservice
growth. AMCON’s commitment to excellence in operations, logistics,
financial reporting, and cash management will provide a co-aligned
set of capabilities to support the future growth of Team
Sledd.”
Team Sledd Vice President Randy Emanuelson added, “This
partnership was designed with our customers’ needs in mind. We will
maintain our operations as they presently are with the added
benefit of enhanced products, flexibility, innovation, and services
that this partnership brings to our customers. Ultimately, both
Team Sledd and AMCON will be in a stronger position to serve both
independent and chain retailers over a larger geographic footprint
and enhance opportunities to grow our collective customer
base.”
Team Sledd was founded in 1937 and currently serves
approximately 1,200 convenience store retailers in seven
Mid-Atlantic states out of a 200,000-square-foot, state-of-the-art
warehouse in Wheeling, West Virginia. AMCON currently serves
approximately 4,100 convenience retailers in 26 states out of six
warehouses in the Midwest and Mid-South.
Andrew C. Plummer, President of AMCON, noted, “Team Sledd is on
the forefront of innovative retail branding and marketing concepts,
particularly with respect to its store layout and design services
and customer education programs. These programs are showcased out
of a state-of-the-art 5,000-square-foot Convenience Learning Center
which we consider gold standard and are particularly attractive as
we look to leverage these resources across our entire distribution
network. We look forward to the new opportunities this relationship
creates, and we are confident that this synergistic approach will
prove desirable to other growth-minded wholesalers across the
United States.”
AMCON is a leading wholesale distributor of consumer products,
including beverages, candy, tobacco, groceries, foodservice, frozen
and chilled foods, and health and beauty care products with
locations in Illinois, Missouri, Nebraska, North Dakota, South
Dakota and Tennessee. AMCON also operates twenty-two (22) health
and natural product retail stores in the Midwest and Florida. The
retail stores operate under the names Akin’s Natural Foods
www.akins.com in its Midwest market, and Chamberlin's Natural Foods
www.chamberlins.com and Earth Origins Market
www.earthoriginsmarket.com in its Florida market.
This news release contains forward-looking statements that are
subject to risks and uncertainties and which reflect management's
current beliefs and estimates of future economic circumstances,
industry conditions, Company performance and financial results. A
number of factors could affect the future results of the Company
and could cause those results to differ materially from those
expressed in the Company's forward-looking statements including,
without limitation, availability of sufficient cash resources to
conduct its business and meet its capital expenditures needs and
the other factors described under Item 1.A. of the Company’s Annual
Report on Form 10-K. Moreover, past financial performance should
not be considered a reliable indicator of future performance.
Accordingly, the Company claims the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 with respect to all such
forward-looking statements.
Visit AMCON Distributing Company's website
at: www.amcon.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200103005359/en/
Christopher H. Atayan AMCON Distributing Company Ph
402-331-3727
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