NEW YORK -- Artemis Acquisition Corp. (AAC) has announced that its subsidiary, Artemis Energy Holdings Inc. (ARTT), has agreed to a $25 million reserve equity financing facility from AGS Capital Group LLC (AGS), a specialist investor group, to enable growth with financing for its current convenience stores, truckstops, restaurants, car washes and for anticipated acquisitions in the southeastern United States in the gasoline, food and beverage industry, as well as accelerating its holdings business model growth.
ARTT said it anticipates receiving up to a total of $50 million to include international growth with business partners worldwide. AAC is starting to review current letters of intent to move forward for contract completion with more than 35 other business partners.
These contracts will begin to shape AAC's holdings plan, which include another restaurant group, two trucking companies, warehousing, commercial real-estate holdings, film production, New York suburban airport, IT tech/internet, grocery stores, imports/exports, sports agencies, oil/gas, green cleanup/oil, wind/solar/LED and others to create a holdings model.
"The reserve equity financing is a long-term strategic financing partnership that places ARTT in control of how and when we raise equity, minimizing any potential dilution or disruption to our capital structure," said Robert Nash, co-founder/senior vice president.
"ARTT has the discretion to periodically sell common shares at a discount to the market when the prices are attractive to us. That means we decide when the funds are raised and how the funds are used. Adding AGS as a long-term partner reduces financing uncertainty, so we can better focus on achieving our business objectives. The $25 million equity financing provides us with sufficient capital to continue to accelerate our current locations, anticipated acquisitions of additional, food/gas/beverage businesses, under Travel Center Partners Inc. (TCP), a subsidiary of ARTT, based in Bluffton/Hilton Head, S.C.," he said.
TCP operates six retail outlets in South Carolina and Georgia--Ultimate Car Wash & Family Markets, Bluffton, S.C.; Bryan's Country Store, Hardeeville, S.C.; EZ Mart, Rincon, Ga.; Neighbors Full Service Car Wash, Bluffton; 1780 Country Store, Hardeeville; and Dairy Queen, Bluffton.
Allen Silberstein, CEO of AGS, said, "We look forward in partnering with ARTT and providing the financing to facilitate their plans for future acquisitions to steadily grow the company and increase shareholder value.
ARTT and TCP, currently operates businesses in South Carolina and Georgia. TCP's, foundation is commercial real-estate development anchored with gasoline, food, beverage, car wash and U-Haul rental businesses. Artemis's strategy is to initially focus on the southeast portion of the United States to increase its retail and brand footprint and then to seek to expand nationwide in the coming years.
TCP currently employs more than 70 employees. TCP has several branded names for stores and restaurants that the company anticipates to accelerate into more locations, including EZ Mart and 24 HR Grill.
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