GOLDSBORO, N.C. -- Wooten Oil Co., a petroleum marketing, distribution and convenience-store company based in Goldsboro, N.C., is selling its 12 company-operated Kwik Mart c-stores, including two sites less than two years old.
These high-volume stores are located in the eastern portion of North Carolina. Ten stores are owned fee simple by the company and are being sold with the property, one store is subject to sale and assignment as a long-term lease and the final store is being offered as a long-term sublease opportunity.
Construction on two units was completed within the last two years and these units feature 3,000-square-foot stores and five or seven multiple pump dispensers with CRINDS and cash readers. The remainder of the units have either been built or remodeled within the last seven years and include an average lot size just under an acre, an average store size of 2,700 square feet and an average of five MPDs with CRINDS.
All of the stores offer motor fuels and traditional c-store merchandise. Eight of the units are branded CITGO, three offer unbranded motor fuels and one store flies the Phillips flag.
The 11 stores with a full year's performance as of the 12 months ended Dec. 31, 2006, average motor fuels volume per store of 1.45 million gallons per year (121,000 gallons per month). Those stores also had average merchandise sales, excluding lottery, of $833,000 per year ($69,500 per month).
All of the stores sell both beer and wine in addition to offering lottery, scratchoffs, money orders and pre-paid phone cards. Additionally, two of the units feature quick-serve restaurants: White Swan Bar-B-Q and Fried Chicken, which is operated by Wooten, and McDonald's, which is operated by a franchisee that leases a portion of a store from the company.
Attempts to reach company officials for comment were unsuccessful at presstime. Wooten is also a gasoline distributor and owns bulk petroleum stations and terminals.
The sale of these stores will be conducted through a structured sale process to be managed by Matrix Capital Markets Group Inc., Richmond, Va. The sale is governed by formal sale procedures. Bids will be considered and accepted for individual stores, groups of stores and for all of the stores. A live auction for the sale of the stores has been set for Tuesday, May 15, 2007; however, the company will consider and accept preemptive bids made prior to the auction, and bidders are encouraged to consider making preemptive bids. The first deadline for preemptive bids is Thursday, May 3, 2007. All dates are subject to change, and bidders will be notified of any changes immediately.
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