The purchases were announced Thursday and are to be completed in March, said Charles Nirenberg, Dairy Mart's chairman.
Dairy Mart currently has 1,200 stores.
And Dairy Mart is still looking for financing while Recognition Equipment on Friday announced that the deal was off because of an inability to find financing.
Under Dairy Mart, the chain was not without controversy.
Dairy Mart filed for bankruptcy protection from creditors in September.
Air got tight, because we liked to light up cigars we'd buy at the Dairy Mart.
An Ann Arbor police department report says five young men stole between six and 11 12-packs of beer worth $7.19 each from a Dairy Mart on Jan. 12.
Dairy Mart went public in 1983 and has been growing through acquisitions.
Every morning before his commute, he bought coffee at the Dairy Mart and left it for his wife.
They met at a Dairy Mart on Wales Avenue, a few hundred yards from the property.