Tripling Its Size
Tiger Management grows to 37 stores with Nashville ExxonMobil purchase
FRANKLIN, Tenn. -- Tiger Management Group LLC will maintain the Tiger Markets store brand on the 26 retail sites it purchased from Exxon Mobil Corp. this past week, according to co-owner Greg Merriman.
The company, an affiliate of Convenience Management Group LLC, acquired 26 retail sites in the Nashville, Tenn., market from ExxonMobil, as reported in a Morgan Keegan/CSP Daily News Flash on Friday.
Irving, Texas-based ExxonMobil has been selling off its 2,200 gas stations across the nation, or about 19% of the total Exxon-branded stations, since the summer [image-nocss] of 2008, when high gas prices took a big bite out of gas station profitability.
(Click here for previous CSP Daily News coverage of the divestment announcement.)
Convenience Management Group already owned and operated 11 Exxon gas stations, Merriman told CSP Daily News, bringing the company's new total to 37 sites, all of them branded with Exxon gasoline.
Franklin, Tenn.-based Convenience Management Group ownership consists of Lyle Finley, the founder of the 135-store Golden Gallon chain (sold to Bi Lo/Ahold in 2000), and the management team, which includes Mike Campbell, Marlin Larson, Arnold Tackett and Greg Merriman all with roots at Golden Gallon.
Morgan Keegan & Co. Inc. served as financial advisor to Tiger Management Group.
In April 2009, Laval, Quebec-based Alimentation Couche-Tard Inc. acquired ExxonMobil's On the Run convenience store franchise system, as well as 43 of its company-owned and -operated stores in the Phoenix market area. It took control of the franchise agreements for approximately 450 On the Run stores operated by ExxonMobil-branded fuel dealers and distributors, acquired the land and buildings for 33 of the Arizona locations and assumed or entered leases for the remaining 10 sites. (Click here for previous coverage.)
In May 2010, Waltham, Mass.-based Global Partners LP acquired 179 ExxonMobil sites in Massachusetts, 22 in Rhode Island and 20 in New Hampshire. (Click here for previous coverage.)