WORCESTER, Mass. -- In a deal that adds further scale to its network and expands its geographic footprint into the western Massachusetts and Connecticut markets, Nouria Energy Corp. has completed the acquisition of 26 convenience stores, including 22 Golden Nozzle car washes, from F.L. Roberts & Co. Inc.
As reported in a McLane/CSP Daily News Flash, Nouria Energy also acquired two truckstops and a diner.
F.L. Roberts has also sold nine Jiffy Lube quick lube facilities to Atlantic Coast Enterprises LLC, Norwalk, Conn.
The assets that F.L. Roberts divested are high-volume locations and were mostly fee-owned properties. The locations sell Sunoco, Valero and F.L. Roberts branded fuels, and the Golden Nozzle facilities wash more than 2.5 million cars per year.
F.L. Roberts also operates a wholesale motor-fuels distribution business and a fuels transportation business in the same markets, and the company has retained these divisions with the intent to sell them to Frank Roberts, who manages the wholesale fuels and fuels transportation businesses, before the end of the year. The wholesale business has grown dramatically over the past few years, and Frank Roberts plans to continue to grow these businesses.
The retail transaction brings the number of Nouria Energy locations that it operates and supplies in Massachusetts to nearly 100, with a network of about 225 locations spanning from Hartford, Conn., to Waterville, Maine.
This acquisition also expands Nouria’s footprint as a car-wash operator to 49 locations.
“The nearly century-old Roberts family business has established tremendous convenience-store and car-wash brands and created a family culture with generations of loyal employees. At this time, I want to welcome them to the Nouria organization,” said Tony El-Nemr, president and CEO of Nouria Energy.
“The acquisition of F.L. Roberts comes at a time when Nouria is solidly positioned for substantial growth,” he said. “The acquisition enhances our business profile with added revenue diversification and profit streams backed by strong c-store operations and an industry-best car-wash network.”
Through the leadership of four generations of the Roberts family, F.L. Roberts grew into a large, diversified business with highly recognizable brands and a rewards program.
“I have been the ‘shepherd’ of the F.L. Roberts’ company assets for over 40 years and have been fortunate to lead Roberts with the help of a talented executive and advisory team adding very successful ventures in other related business spaces,” said President Steven Roberts, F.L. Roberts’ grandson. “Many of these ventures have become consumer favorites in our region. Selling was the most difficult challenge I have ever had to face.”
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to F.L. Roberts.
“The Roberts family built an extremely unique, successful retail business with an extraordinarily loyal customer base that found tremendous value in the company’s integrated loyalty program at all of its convenience stores, car washes and Jiffy Lubes,” said Cedric Fortemps, managing director for Matrix.
Springfield, Mass.-based F.L Roberts is a large, multi-division company with retail operations in Connecticut and Massachusetts. Founded in 1920, its divisions and business lines include 28 convenience stores, gas stations and truck refueling facilities and 22 car washes.
Founded in 1989, Nouria Energy is a family-owned and -operated convenience-store and fuel retailer in New England. The Worcester, Mass.-based company owns and operates 116 convenience stores and 49 car washes in Massachusetts, Maine, New Hampshire, Rhode Island and Connecticut. It operates a transport logistics business and supplies its company-operated locations and wholesale customers with Shell, Irving, Gulf, and Sunoco branded fuels, as well as private and unbranded brands throughout New England.