RICHMOND, Va. -- An unidentifiedleading petroleum marketing, distribution, and convenience store company in the Southeastern U.S. is putting 46 convenience stores up for sale.
The stores are located at prime traffic locations in Florida (18 stores), the greater Atlanta area (14), eastern Tennessee (9), western Virginia (4), and West Virginia (1).
Currently, six of the stores are company-operated, 21 are operated by commissioned dealers, 14 are operated by full dealers, two are operated by non-commissioned dealers, one is leased [image-nocss] without a supply contract and two are vacant; however, 35 of the currently dealer-operated stores can be converted to company-operated (buyer-operated) stores by the purchaser, if the buyer chooses to do so. In most cases, the sale of the property is subject to the dealer's right of first refusal. And 43 of the stores are being sold with the real estate and three are subject to leases.
All of the stores offer motor fuels, primarily CITGO, Valero, Exxon and Sunoco branded fuels. In 2006, the stores sold a total of approximately 29 million gallons of motor fuels. The stores in Florida sold approximately 1.12 million motor fuels gallons per store. The stores in the Atlanta market and eastern Tennessee sold approximately 500,000 gallons of motor fuels per store.
Ten of the stores include car wash facilities, and 13 stores have either full-service delis or quick-serve restaurants. Also, five of the stores have additional retail tenant leases. The stores present an excellent business opportunity for an individual or strategic buyer looking to maximize convenience retail opportunities in the Southeast.
The average store size and lot size is 1,800 square feet and one acre, respectively. All of the stores offer traditional convenience merchandise items.
The sale of these storesthrough a structured sale process to be managed by Richmond, Va.-based Matrix Capital Markets Group Inc.is governed by formal sale procedures, which are available upon request from Matrix.
Offers can be submitted on individual stores, groups of stores or for all of the stores. A live auction for the sale of the stores has been set for April 24, 2007; however, the company will consider and accept preemptive sealed bids made prior to the auction and bidders are encouraged to consider making preemptive sealed bids. The deadline for preemptive bids is April 13, 2007.
To receive offering materials and for more information on the stores and the sale process, visit Matrix's website, www.matrixcapitalonline.com, and click on the Sale of Stores in the Southeast link.
Although Matrix did not release the name of the seller, a spokesperson told CSP Daily News that the company is retaining approximately an equal number of stores as the sale and has just made the decision to exit these markets.
Matrix Capital Markets Group is a middle-market investment bank focused on providing merger and acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions, management buyouts and debt and equity placements. Matrix's Energy & Multi-Site Retail Team provides transactional advisory services to companies in the energy and multi-site retail sectors.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.