MEMPHIS, Tenn. -- An upstream energy company is aiming to make a splash in the downstream world with its pending acquisition of 11 convenience stores in Alabama.
The deal, reported yesterday in a 21st Century Smoke/CSP Daily News Flash, comes five months after First Colombia Gold Corp. purchased the Triangle Restaurant Group and its collection of quick-service restaurants under varied brands, including Pete's Hot Dogs, Captain Cooks Sub Shops, Hum Dinger Burgers and Shakes, and Maryland Fried Chicken.
The Memphis, Tenn.-based company announced yesterday that it has acquired Enterprise Partners Inc. and is "in possession of final contracts to acquire" the 11 convenience stores.
The goal now is to combine the QSRs and c-stores through the talents and knowledge of c-store veteran Pete Iodice, president of Triangle Restaurant Group.
"The company has been looking for creative ways to work the quick-serve restaurant concept into our business model," said Jason Castenir, CEO of First Colombia Gold Corp. "This is the unveiling of that strategy, one that we believe will become highly profitable for the company."
Iodice, a c-store developer since 1978, according to his LinkedIn profile, has developed and operated and sold more than 75 convenience stores in the southeast. Over the last 10 years, he has focused on developing QSRs. And with the Alabama c-store deal, he'll help First Colombia bring the two together.
"These convenience stores will allow Triangle Restaurant Group and First Colombia Gold to expand operations in ways never seen before in this company," said Iodice, president of Triangle Restaurant Group. "Four of these stores are prime targets for the operation of our Maryland Fried Chicken franchises, and with these multiple revenue streams in place, we should be able to expand operations quickly."
Castenir added, "With 30-plus years of experience in owning and operating convenience stores, Mr. Iodice brings a wealth of knowledge to the company. His expertise has helped make this acquisition a reality, and we applaud him for his efforts and are very excited to have him a part of First Colombia Gold."
First Colombia Gold Corp. is a capital company focused on acquiring, developing and advancing natural resource, energy, and real-estate projects in Europe, North America and South America. Its business model is to acquire undervalued assets combining potential for building asset values and cash flow through leverage to improved operational efficiency and development.
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