Quik-way Said to be Acquiring Stations
Deal would shift ownership of as many as 88 Shell MSO retail outlets
DALLAS -- CSP Daily News has learned that Quik-way Retail Associates, co-owned by Alan and Rick Golman, is acquiring between 75 and 88 Shell-branded stores in the Dallas-Fort Worth market that by all accounts, the company presently operates under a multi-site operator (MSO) agreement with the Houston-based oil company.
Although the Golman's were unavailable for comment, sources said the Dallas-Fort Worth Quik-way is going through an inventory reconciliation phase, but that the transaction—which another source estimates at $100 million—is moving forward.
With MSO contracts, [image-nocss] people familiar with the structure say that retailers only own the merchandise in the store and have no ties to the gasoline sold at the pumps. As Shell has been selling off sites in different markets, the company sometimes undergoes a bid process or works directly with selected buyers.
What sources believe has happened with Quik-way is that the company appears to have won a bid process and can now move from MSO status to that of "wholesaler." That transaction would give ownership of the petroleum-retail business to Quik-way, along with other undisclosed transfers of property or license purchases.
A source who wanted to remain anonymous said that in other markets, Shell has chosen to sell the sites to buyers other than the MSO operator. And under the MSO agreement, those operators could be given 30 days to turn over the businesses if a sale occurs. Again in this case, it appears the MSO was able to find the capital necessary to put in a winning bid. So while on the face of it, the deal looks like a new acquisition, it is essentially a purchased right of ownership involving retailers who were already running the sites in question.
Shell did not respond to a request for comments by presstime.