Mergers & Acquisitions

BW's Big Acquisition Ambitions

Real-estate company scores its first c-store portfolio, with grand plans for more

BEVERLY, Mass. -- With a plan "to acquire between 600 and 1,000 gas stations with convenience stores in selected regions of the United States over the course of the next several years," real-estate investment and asset management company Brookwood Financial Partners LLC has announced its first deal.

Brookwood Financial Partners Iowa

As reported in a 21st Century Smoke/CSP Daily News Flash, Brookwood affiliate, BW Gas & Convenience Holdings LLC, has acquired a 10-store gas station and convenience store portfolio in western Iowa.

The portfolio includes eight company-owned and -operated stores, two company-owned and dealer-operated stores and a Cenex-branded fuel distribution and transportation business.

It did not name the seller.

Brookwood formed BW in mid-2015 to acquire and operate gas stations and convenience stores.

BW Gas & Convenience is actively seeking growth opportunities and is in various stages of due diligence for building the portfolio across the Midwest.

Brookwood will use the experience it has garnered over the past 22 years acquiring, improving and operating approximately $2.2 billion of real estate and extend it to the gas station and convenience store sector, the company said.

“Our strategy lies at the intersection of our proven value-add real-estate investing experience and the favorable timing for attractive acquisitions within the gas station and convenience store industry,” said Mark J. Daniels, Brookwood’s director of alternative real estate acquisitions. “A significant focus of our strategy is to create an initial platform within each region, acquire additional stores to achieve economies of scale and add value to the portfolio by improving both the real estate and in-store margins."

He continued, "Based on its location, existing ancillary businesses and attractive value-add real estate opportunities, this portfolio incorporates all aspects of a strong, strategic seed portfolio acquisition.”

Brookwood plans to spend approximately $1,000,000 on selected capital improvements to the stores in the portfolio.

“These improvements are designed to enhance the overall appeal of the stores, and when coupled with our merchandising and operational plan, will enable us to offer a fresh experience for consumers in the Iowa region,” said Brian Trout, senior vice president of operations. “Over the years, the previous owners have established a loyal and reliable customer base, and we look forward to serving the people in these local communities.”

Brookwood hired former 7-Eleven and The Pantry executive Trout earlier this year to run retail operations for BW.

Beverly, Mass.-based Brookwood is private investment firm founded in 1993 that specializes in acquiring and managing commercial real estate and corporate securities on behalf of a select group of institutional and high-net-worth investors, family offices and trusts. Since its inception, Brookwood has invested more than $795 million of equity to acquire a portfolio of 199 assets with a realized and unrealized value in excess of $2.2 billion that has spanned multiple asset classes, geographical markets and industries across the United States.

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