Energy North placed a winning bid of $9.27 million, plus the value of the stores’ inventory to acquire M.W. Sewall’s 11 Clipper Mart stores, outbidding Cumberland Farms Inc.’s $8.5 million offer, The Times Record reported.
Other qualified bidders at Tuesday’s auction included H.A. Mapes Inc., Mac’s Convenience Stores LLC and TD Bank. Two other qualified bidders, Tedeschi Food Shops Inc. and MWC Acquisition Co. LLC, were not in attendance.
Energy North is now poised to acquire bankrupt M.W. Sewall’s 11 Clipper Mart stores, the stores’ inventories, wholesale accounts, a Boothbay apartment building and residential properties.
Tuesday’s auction came two weeks after heir Edward “Ned” Sewall III submitted the highest acceptable bid for the company’s home heating oil operations.