Exprezit! To Auction Store Licenses
25 sites on the market in North Carolina
FORT WALTON BEACH, Fla. -- With the goals of maximizing its return on investment and freeing up capital for other projects, Exprezit! Convenience Stores LLC is auctioning the licenses to operate one-fifth of its about 125 c-stores.
According to president Troy Seymour, Exprezit had been exploring different strategies to maximize value and return on investment from its North Carolina stores. "And now, with the licensee program we developed, we've got the right strategy," said Seymour.
Exprezit developed the new strategy [image-nocss] with Spectrum Capital Group LLC, which will also lead the auction process.
Exprezit expects that auctioning licenses for its North Carolina stores to individual or small-chain operators will work well for both the company and its licensees. "There is tremendous demand out there from individual operators and small chains for prime c-store sites, and because we are auctioning operating licenses and not selling the sites, these individuals will have the opportunity to control a convenience store operation for an amount that is only a fraction of the cost of buying a convenience store," said Seymour.
Seymour also noted that auctioning the operating licenses will benefit Exprezit by improving its cash flow, preserving its interest in the sites and freeing up working capital for re-investment.
The 25 Exprezit stores now available are geographically dispersed across North Carolina. Multiple units are located in the Winston-Salem area (9); Lexington (3); Morehead City (2); Beaufort (2) and Clinton (2). Exprezit operates single units in Vass, Linden, Asheboro, Mount Airy, Madison, Taylorsville and New Bern.
The auction of the licenses to operate Exprezit's North Carolina stores will be conducted by The Spectrum Capital Group of Bristol, Rhode Island. Joe Sands, a Spectrum partner, said that bidder registration began yesterday and that the bid deadline is Thursday, Sept. 15. The auction will be held Sept. 22
License buyers will be required to purchase their store's existing fuel and merchandise inventory from, pay a $7,500 transaction fee to and place a deposit equal to two loads of fuel plus one monthly license fee to Exprezit. Details of the auction, including bidder registration instructions and due diligence material are available at www.c-storesilo.com.