NASHVILLE, Tenn. -- As part of a strategy designed to create a new national convenience-store brand, First Colombia Gold Corp. has signed a purchase and sale agreement to acquire 11 c-stores in Alabama for $4.8 million.
The company is now in a position to close individually on each of the stores. The closings, beginning in December of this year, will roll out on a schedule, concluding by the end of the quarter.
As reported in a 21st Century Smoke/CSP Daily News Flash, these convenience stores will be branded “Norfleet Markets” and are the first in a planned expansion that the company hopes will include more stores in the coming year.
The agreement, signed by Enterprise Partners, a subsidiary of Nashville, Tenn.-based First Colombia Gold, includes real estate, physical inventory, merchandise and supplies for the 11 stores.
“With these stores, we are launching the Norfleet Markets brand and plan to solidify the company’s position in the c-store arena,” Pete Iodice, president of Enterprise Partners, said. “Our goal is to make Norfleet Markets a brand that is instantly recognizable across the United States.”
Iodice has been involved in the development and operations of convenience stores, travel centers and quick-serve restaurants (QSRs) for more than 25 years, overseeing as many as 15 stores and more than 75 employees. He also managed a group of nine convenience stores and two 24-hour truckstops, later forming and operating a wholesale fuel distribution business as a direct distributor for most major gasoline brands, selling more than 50 million gallons per year.
Earlier this month, First Colombia Gold acquired a fuel terminal in Greensboro, N.C.
Recently, the company announced its partnership with Singa Energy Solutions, a distributer of fuel and energy products. This week, the company is in the process of securing multiple diesel distribution deals, it said.
“This fuel terminal, alongside the company’s partnership with Singa Energy, allows the company to expand within its business model,” Jason Castenir, CEO of First Colombia Gold, said. “The company has been working very hard to secure multiple, high-yield streams of revenue.”
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