{"id":535561,"date":"2021-09-08T08:32:14","date_gmt":"2021-09-08T12:32:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\/"},"modified":"2021-09-08T08:32:14","modified_gmt":"2021-09-08T12:32:14","slug":"femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\/","title":{"rendered":"FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">MONTERREY, Mexico, Sept.  08, 2021  (GLOBE NEWSWIRE) &#8212; Fomento Econ\u00f3mico Mexicano, S.A.B. de C.V. (\u201cFEMSA\u201d or the \u201cCompany\u201d) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today that Envoy Solutions, FEMSA\u2019s specialized distribution subsidiary in the United States, reached an agreement to acquire Penn Jersey Paper Co. (\u201cPJP\u201d), an independent specialized distribution company based in Philadelphia, Pennsylvania. PJP fits well with FEMSA\u2019s distribution footprint along the East Coast, expanding its coverage to include the Philadelphia metro area and New York City. This transaction represents another important step in FEMSA\u2019s strategic path to build a leading national distribution platform in the United States. Revenues of the acquired business for the last twelve months as of June 2021, were over US$ 200 million.<\/p>\n<p align=\"justify\">The transaction is subject to customary closing conditions and approvals and is expected to close during the third quarter of 2021.<\/p>\n<p align=\"justify\">BDO USA LLP acted as financial and tax advisor, and Munger, Tolles &amp; Olson LLP acted as external legal counsel for FEMSA in connection with this transaction. Stifel Financial Corp. acted as exclusive financial advisor to Penn Jersey Paper Co.<\/p>\n<p align=\"justify\">\n        <strong>About FEMSA<\/strong><br \/>\n        <br \/>FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through FEMSA Comercio, comprising a Proximity Division operating OXXO, a small-format store chain, a Health Division, which includes drugstores and related activities, and a Fuel Division, which operates the OXXO Gas chain of retail service stations. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume; and in the beer industry, as the second largest shareholder of Heineken, one of the world\u2019s leading brewers with operations in over 70 countries. FEMSA also participates in the logistics and distribution industry through its Strategic Business Unit, which additionally provides point-of-sale refrigeration and plastic solutions to its business units and third-party clients. Across its business units, FEMSA has more than 320,000 employees in 13 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index, among other indexes that evaluate its sustainability performance.<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMyMjIxMCM0MzkzNTcwIzIwMDUyMjQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YjFmZjBhNmYtZDk5Zi00ZjE0LTkyODQtNTc3YTQ3Y2E4MmQ4LTEwMTY3OTc=\/tiny\/FEMSA-Servicios-SA-de-CV.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Media Contact\r\n(52) 555-249-6843\r\ncomunicacion@femsa.com.mx\r\nwww.femsa.com\r\n\r\nInvestor Contact\r\n(52) 818-328-6167\r\ninvestor@femsa.com.mx\r\nwww.femsa.com\/inversionista<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>MONTERREY, Mexico, Sept. 08, 2021 (GLOBE NEWSWIRE) &#8212; Fomento Econ\u00f3mico Mexicano, S.A.B. de C.V. (\u201cFEMSA\u201d or the \u201cCompany\u201d) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today that Envoy Solutions, FEMSA\u2019s specialized distribution subsidiary in the United States, reached an agreement to acquire Penn Jersey Paper Co. (\u201cPJP\u201d), an independent specialized distribution company based in Philadelphia, Pennsylvania. PJP fits well with FEMSA\u2019s distribution footprint along the East Coast, expanding its coverage to include the Philadelphia metro area and New York City. This transaction represents another important step in FEMSA\u2019s strategic path to build a leading national distribution platform in the United States. Revenues of the acquired business for the last twelve months as of June 2021, were over US$ 200 million. The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-535561","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MONTERREY, Mexico, Sept. 08, 2021 (GLOBE NEWSWIRE) &#8212; Fomento Econ\u00f3mico Mexicano, S.A.B. de C.V. (\u201cFEMSA\u201d or the \u201cCompany\u201d) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today that Envoy Solutions, FEMSA\u2019s specialized distribution subsidiary in the United States, reached an agreement to acquire Penn Jersey Paper Co. (\u201cPJP\u201d), an independent specialized distribution company based in Philadelphia, Pennsylvania. PJP fits well with FEMSA\u2019s distribution footprint along the East Coast, expanding its coverage to include the Philadelphia metro area and New York City. This transaction represents another important step in FEMSA\u2019s strategic path to build a leading national distribution platform in the United States. Revenues of the acquired business for the last twelve months as of June 2021, were over US$ 200 million. The &hellip; Continue reading &quot;FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-08T12:32:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMyMjIxMCM0MzkzNTcwIzIwMDUyMjQ=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States\",\"datePublished\":\"2021-09-08T12:32:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\\\/\"},\"wordCount\":395,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODMyMjIxMCM0MzkzNTcwIzIwMDUyMjQ=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\\\/\",\"name\":\"FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/femsas-envoy-solutions-to-acquire-penn-jersey-paper-co-further-expanding-its-footprint-in-the-mid-atlantic-region-of-the-united-states\/","og_locale":"en_US","og_type":"article","og_title":"FEMSA\u2019s Envoy Solutions to acquire Penn Jersey Paper Co., further expanding its footprint in the Mid-Atlantic region of the United States - Market Newsdesk","og_description":"MONTERREY, Mexico, Sept. 08, 2021 (GLOBE NEWSWIRE) &#8212; Fomento Econ\u00f3mico Mexicano, S.A.B. de C.V. (\u201cFEMSA\u201d or the \u201cCompany\u201d) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today that Envoy Solutions, FEMSA\u2019s specialized distribution subsidiary in the United States, reached an agreement to acquire Penn Jersey Paper Co. (\u201cPJP\u201d), an independent specialized distribution company based in Philadelphia, Pennsylvania. PJP fits well with FEMSA\u2019s distribution footprint along the East Coast, expanding its coverage to include the Philadelphia metro area and New York City. This transaction represents another important step in FEMSA\u2019s strategic path to build a leading national distribution platform in the United States. Revenues of the acquired business for the last twelve months as of June 2021, were over US$ 200 million. 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