MOORESBORO, N.C. -- Southern Convenience Stores Inc. has sold substantially all of its 68 retail sites, a CSP Daily News Flash reported yesterday.
Eight of the stores have been acquired by Babubhai Patel and family,six by McCray's Country Cupboard and six by Sar Groups LLC. Another 41 stores were acquired by various other buyers, said Matrix Capital Markets Group Inc., Richmond, Va., which in July 2006 began marketing the retailer's company-operated stores through a structured sale process.
The other buyers included Param LLC (5),[image-nocss] Kamlesh Patel (3),Energy Distribution LLC (3),KVPS Realty LLC(3),Deb's Mini-Mart (2),EGF Enterprises (2),Li'L Cricket Food Stores Inc. (2), Piedmont Petroleum Corp. (2) and one each byRajesh Patel,Pinal Patel,Parminder Singh,Rama Yada,Paresh Patel,DHA Investments Inc.,Jitendra Patel,Ram Dass,Reema Inc.,S&S USA Inc.,Sam's Mart Inc.,Daknesh Patel & Jaimin Patel,Vinayak LLC,Winnsboro Petroleum Co.,Ganesh Basnet,Kamal Ibrahim andCarl Neal Jr.
The storesin North and South Carolinasold a total of approximately 40 million gallons of motor fuels in 2005 and averaged approximately $600,000 of merchandise sales per store. They are branded with CITGO, Texaco or Southern Star gasoline.
Matrix said 41 of the stores were offered with real estate, with the remaining 27 subject to leases.
Mike Frost, president of Mooresboro, N.C.-based Southern Convenience Stores, commenting on the sale process, said, Considering the complexity of Southern's operating geographies, Matrix was able to access a broad spectrum of potential buyers from across the country.
Tom Kelso, managing director and head of the Energy & Multi-Site Retail Group at Matrix, managed the transaction. He added, We are honored to have been selected to manage this sale and have enjoyed working with Mike Frost and Hampton Hager as they exit the retail petroleum business. The outcome we achieved was the result of a well designed and executed process that created competition for the assets amongst various types of potential buyers.
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