"The repositioning of capital within our market area is an important part of our strategy to acquire new sites, renovate existing sites, and own and operate sites consistent with our brand identity," said Joe Petrowski, chief executive officer of the Framingham, Mass.-based Cumberland Gulf Group [image-nocss] of Cos.
Cumberland Farms' network includes more than 500 high-volume convenience stores located in highly populated areas across 10 states in the Northeast and Florida.
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, closings have occurred on 23 of the 29 stores, and the remaining six stores under contract should be closing over the next month. Cumberland Farms did not disclose terms of any of the sales.
All of the locations were owned by Cumberland Farms and were operated by independent operators. Cumberland also supplied fuel to 28 of the stores.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to Cumberland, which included valuation advisory, asset marketing through a customized, structured sale process and negotiation of the transactions.
Matrix's Energy & Multi-Site Retail Group offers transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies and other specialty retail chains.
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.