Tuesday, January 03, 2012
Spec’s Eyes Deal For Sigel’s As Part Of Expansion Into Dallas
(by Shanken News Daily) Texas retailer Spec’s has made good on its stated intention to enter the Dallas market, opening its first store there last month. Now Spec’s is attempting a greater leap forward in the Dallas market with the potential acquisition of 10-store Sigel’s Beverages. John Rector, president of Sigel’s, told Shanken News Daily this morning that Spec’s had made an offer, which Sigel’s owner Tony Bandiera is currently considering.
In addition to the 10 retail locations which generate over $100 million in revenue, an acquisition of Sigel’s would give Spec’s a central warehouse in Dallas, Rector said, adding that Sigel’s has around 200 employees. The prospective purchase would present a challenge to top Dallas retailers Centennial Wine & Spirits—which boasts 40 stores in the North Texas area—and Goody Goody Liquors, which operates 19 locations. Houston-based Spec’s has significantly expanded its footprint across the Lone Star State over the past year, opening new outposts in San Antonio, El Paso and Killeen among others. It currently has 95 stores, generating revenues of around $500 million. Spec’s had no comment on the potential deal.