CINCINNATI and EAST SYRACUSE, N.Y. — EG America LLC has completed its acquisition of Fastrac Markets LLC. A company spokesperson told CSP Daily News that the deal closed July 1. The transaction included 54 convenience retailing and petroleum marketing assets in New York, as well as Fastrac’s wholesale fuel and transportation businesses, representing its exit from the convenience-store industry.
EG America, Cincinnati, a subsidiary of Blackburn, U.K.-based EG Group Ltd., is No. 8 in CSP’s2019 Top 202 ranking of c-store chains by number of U.S. retail outlets. Fastrac was No. 52. EG Group has about 5,200 stores, including now nearly 1,050 locations in the United States and the rest in the United Kingdom, Europe and Australia.
Fastrac, based in East Syracuse, N.Y., operated stores in the Rochester-Syracuse-Albany region of New York. Over the past 20 years, management has focused on growing the Fastrac brand by building attractive fueling sites on expansive lots with large c-stores that offer high-quality, made-to-order foodservice and a full line of competitively priced traditional convenience-store merchandise.
Richmond, Va.-based Matrix Capital Markets Group Inc., an independent investment bank, advised Fastrac Markets on the deal. It provided merger and acquisition advisory services to Fastrac, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.
“Matrix has watched the growth and evolution of this dynamic company since its creation in 1998,” said Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Group. Fastrac’s owners and management team invested skillfully in high-traffic real-estate locations and modern and expansive facilities, which allowed the company to become a cutting-edge, high-volume retailer in both the forecourt and backcourt. Matrix is honored to have advised the shareholders on their extremely successful exit from the industry.”