ORLANDO, Fla. -- Circle K Stores Inc., a wholly owned subsidiary of Alimentation Couche-Tard Inc., has successfully completed the previously announced purchase of the assets of Orlando, Fla.-based Florida Oil Holdings LLC, which directly operated 29 retail convenience stores with gasoline located in the greater Orlando area.
(See Related Content below for previous CSP Daily News coverage of the transaction.)
"We made the very difficult decision to exit the Orlando market so that we could more effectively concentrate our efforts on growing our business in the Atlanta area. I am confident that Couche-Tard will be an excellent successor and that these will be well performing stores for them as they expand their brand in central Florida. We wish them well and thank them for the manner in which they conducted the transaction," said Russ Scaramella, Florida Oil's managing member.
"This is a great opportunity for the Florida Division to strengthen our market share in the Orlando market. The assets are very high quality and are great locations. I am very confident the assets and team will make an immediate positive contribution to the corporation. This transaction would bring the company-operated store count for the division to 406," David Morgan, Couche-Tard's vice president of operations for Florida, said when the deal was announced earlier this month.
The company's Florida Division already includes approximately 400 Circle K stores.
Scottsdale, Ariz.-based Arizona, Georgia & Florida Oil Holdings LLC is a distributor of fuel products as well as a owner and operator of more than two dozen gas stations and c-stores in the Phoenix, Ariz., Atlanta and Orlando markets.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Florida Oil, which included valuation advisory, transaction structuring, marketing of the assets and negotiation of the purchase agreement. Tom Kelso, managing director and head of the Matrix Energy & Multi-Site Retail Group, with vice presidents John Underwood and Vance Saunders, oversaw the transaction.
"We greatly appreciate the opportunity to provide these services to Russ and his team, and we are pleased for the great outcome for Florida Oil. We also appreciate the professionalism shown by the team at Circle K," Underwood said.
Baltimore, Md.-based Matrix's Energy & Multi-Site Retail Group is a leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies and other specialty retail chains. Matrix Capital Markets Group is a leading middle-market investment bank based in Richmond, Va.
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