OGDEN, Utah -- FJ Management Inc., the successor company to what was once Flying J Inc., has officially announced the sale--as previously reported in CSP Daily News--of nine convenience stores in Utah and Idaho to Moyle Petroleum Co. Rapid City, S.D.-based Moyle Petroleum now owns and operates 35 Common Cents convenience stores in South Dakota, Nebraska, Wyoming, Idaho and Utah.
Six of the nine stores are in Utah (Brigham City, Draper, Harrisville, Layton, Logan and Ogden) and three are in Idaho (Boise, Chubbuck and Idaho Falls).
The transaction closed November 16. [image-nocss]
The transaction was brokered by STaR, a division of NAI Utah and Mountain West Retail & Investment, specializing in single tenant retail brokerage sales, and NAI. Nate Wayman and Zan Summers of NAI represented Moyle Petroleum. Flying J was represented by Jason Smith of NAI, and Bryce Blanchard and Chris Hatch of the STaR group.
Flying J began as a small petroleum marketing company founded by Jay Call in 1968 with four retail gasoline stations. It grew to become an oil refiner, transporter and travel center owner (truckstop operations that often included accommodations, restaurant and even bar facilities). In 2008, the company was ranked among the top 20 in Forbes magazine's 500 Largest Private Companies in America with sales that year of more than $18 billion.
At the end of 2008, the company filed for Chapter 11 bankruptcy. At that time, company officials cited a sudden drop in oil prices and a lack of available traditional financing as factors for Flying J's problems.
In July 2010, the company announced its plans for reorganization, which provides for the payment of its creditors in full in cash, plus interest. As part of the reorganization, Flying J indicated it would sell off some of its assets, including its Flying J stores.
(Click here for previous CSP Daily News coverage of Flying J's bankruptcy and reorganization.)
Initially founded by Gilbert D. Moyle, president, as a wholesaler and retailer of gasoline, diesel fuel, tires, batteries and accessories in western South Dakota, Moyle Petroleum entered the convenience store marketplace in 1980 by converting the majority of its service stations to c-stores selling Exxon-branded fuel, some with car washes. Operating under the business name Common Cents, there are currently 35 locations in South Dakota, Wyoming, Nebraska, Idaho and Utah.
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