Mergers & Acquisitions

Anabi Acquires Land O’Sun Management’s Fast Track

Rebel owner adds 17 convenience stores, quick-service restaurants in Florida
fast track convenience stores
Logo/Fast Track

Anabi Real Estate Development LLC and its affiliates, doing business as Anabi/Rebel, has acquired the petroleum marketing, convenience retail and quick-service restaurant (QSR) businesses of Land O’Sun Management Corp., doing business as Fast Track. Based in Gainesville, Florida, Fast Track operates 17 convenience stores, 10 co-located QSRs and two standalone QSRs in northern Florida.

Alan Fogg, Richard Rentz and Stephen Fogg founded Land O’Sun Management in 1996 when they purchased 38 gas stations in northern Florida. In 2000, they purchased 13 additional stores, which provided access to the QSR business. Over the next 23 years, Land O’Sun began integrating national QSR brands into its stores, including Arby’s, Wendy’s, Dairy Queen and Subway. In 2022, Land O’Sun opened its latest new-to-industry (NTI) Fast Track convenience store in Gainesville, which includes a car wash, beer cave and made-to-order deli.

Sam Anabi founded Anabi/Rebel, Upland, California, in 1991 with one gas station. Anabi/Rebel has been working with independent retailers to provide fuel and service to communities throughout California. The company has grown by buying and selling stations, converting bays into convenience stores, adding car washes, partnering with fast-food brands and building ground-up NTI locations. This growth has provided Anabi/Rebel with experience from the perspective of a buyer, seller, lease dealer, open dealer, franchisee, owner, contract operator and wholesale distributor, it said.

Anabi/Rebel continues to operate as a family-owned and -operated business with more than 600 locations across 16 states, including multiple QSR brands.

  • Anabi/Rebel is No. 18 on CSP’s 2024 Top 202 ranking of U.S. c-store chains by total number of company-owned retail outlets.

Independent investment bank Matrix Capital Markets Group Inc. provided merger-and-acquisition (M&A) advisory services to Land O’Sun Management, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, Nathan Wah, senior associate, and Reilly Erhardt, analyst, managed the transaction.

“As a family business, deciding to sell is both an economic and emotional decision. Our prior experience with Matrix, conducting periodic business evaluations of our company, gave us confidence that Matrix was the right partner for this transaction. The support they provided in presale planning and through the entire sale process proved our confidence was warranted,” said Alan Fogg, president of Fast Track.

“Our relationship with Richard, Alan and Steve began close to a decade ago and since then, they’ve done a tremendous job strategically growing their business to make it what it is today. We are honored to have advised them on the sale of the incredible company they’ve worked so hard to build,” said Fortemps.

Charles Muller II and Michael Schwartz of Muller Lebensburger & Schwartz served as legal counsel for Land O’ Sun Management. Fred Whitaker, Ashley Bolduc and Wendy Hsu of Cummins & White, LLP served as legal counsel for Anabi Real Estate Development.

Founded in 1988, Richmond, Virginia-based Matrix Capital Markets Group provides M&A and financial advisory services. Its Downstream Energy & Convenience Retail Investment Banking Group provides transactional advisory services to companies in the downstream energy and multisite retail sectors including convenience retailing, petroleum marketing and distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals, car washes and QSRs.

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