McALLEN, Texas -- Keen-Summit Capital Partners is now accepting bids for the purchase of 28 Aziz Quick Stop convenience stores in southern Texas at a minimum bid of $29.6 million.
Aziz Convenience Stores LLC filed for bankruptcy protection in August 2014 and after considering multiple options chose to liquidate the retail sites, as previously reported in CSP Daily News.
The convenience-store sites range in size from 2,200 to 10,400 square feet and the properties vary from 0.49 to 4.10 acres, according to Keen-Summit.
The auction bid deadline is Wednesday, July 15, and the auction will take place at 9 a.m. CST Monday, July 20.
This spring, Aziz entered into a "stalking horse" purchase and sale agreement with Susser Petroleum Property Co. LLC-- part of Houston-based Sunoco LP--to sell the stores and related assets for $28 million, plus the value of fuel inventory, supplies and merchandise Inventory. That agreement positions Susser Petroleum Property as the lead bidder for the properties but leaves the door open for a higher, stronger bid to win the locations. The deal includes a breakup fee of $840,000.
Click here for more information about the auction.
Established in 1983, Aziz Convenience Stores LLC is a privately owned and operated, independently branded chain of 28 convenience stores/gas stations located in Southern Texas and headquartered in McAllen, Texas. Despite the company’s TTM EBITDA of $3 million, it was forced to file a voluntary petition for bankruptcy reorganization in August 2014 following unstable sales due to the economic downturn, according to Keen-Summit.
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