US: Heartland buys Lee businesses
Fledgling US holding company Heartland has signed a letter of intent to acquire outstanding stock of Lee Food Marts, the Lee Oil Company and Lee Enterprises.
With combined sales of US$104m last year, the Lee businesses have operations in Virginia, Tennessee and Kentucky.
Heartland said the deal is in line with its policy of acquiring retail and light manufacturing companies with a history of good cash flow.
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