After Majestic Deal, Centennial Eyes Additional AcquisitionsApril 26, 2011
In an interview with Shanken News Daily, Greg Wonsmos, president of Dallas-based Centennial Fine Wine and Spirits, said his company will “continue to look at the retail consolidation picture” following its recent purchase of Majestic Liquor Stores, with an eye toward future acquisitions.
Dallas-based Centennial acquired all assets of Majestic Liquor Stores for $32.6 million in a deal struck in mid-April. Majestic has 32 units in Texas, operating under the Majestic name as well as Fat Dog Beverages and Doc’s Liquors. With this acquisition, Centennial now operates 67 stores and five warehouses in the Lone Star State.
The Majestic deal follows Centennial’s renewed focus on spirits, due primarily to “increased competition in the beer and wine categories” and the consequent shift away from Centennial’s convenience store business, Wonsmos said. But he believes Texas is in better economic shape than most other states. “We’ve seen some recovery in all categories, and this acquisition will be a real benefit to our overall growth,” he said. Wonsmos was named a Market Watch “Retailer of the Year” in 2007, when Centennial’s revenues reached $135 million. Majestic’s revenues were estimated by Market Watch to be $115 million.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.