Mergers & Acquisitions

Junonia Enters C-Store Arena

TimeSaver's Town Star first c-store acquisition for investment firm, seeking more

FORT MYERS, Fla. -- In a deal that includes the formation of a new company, Town Star Holding LLC, an affiliate of Junonia Capital LLC of Fort Myers, Fla., has purchased 13 convenience stores and three quick-service restaurants (QSRs) in Florida from TimeSaver Food Stores Co., Port St. Lucie, Florida.

Town Star Junonia TimeSaver (CSP Daily News / Convenience Stores)

TimeSaver was operating the stores under the Town Star name, and Junonia Capital created a new entity, Town Star Holding, for this purchase.

The stores will continue to operate as Town Star food stores.

As reported in a 21st Century Smoke/CSP Daily News Flash, the 13 convenience stores are in Fort Pierce, Okeechobee, Belle Glade, Pahokee, Frostproof and Floridana Beach, 11 of which are co-branded with Subway. The three freestanding Subway QSRs are in Port St. Lucie, South Bay and Belle Glade.

"Our investment firm is actively engaged in finding well-managed businesses in all sectors and industries, and we have been looking specifically at the convenience store industry for the right acquisition," said Brian Fox, managing member of Junonia Capital. He continued, "TimeSaver Food Stores met all of our criteria, and we are pleased that we have been able to make this transaction our first in the industry and look forward to more strategic acquisitions in the future."

NRC Realty & Capital Advisors LLC, Chicago, NRC acted as exclusive financial advisor to the buyer in connection with the sale and arranged sale-leaseback financing with Spirit Realty Capital Inc. on eight of the stores.

Formed in 2003, Spirit Realty Capital is a real-estate investment trust (REIT) company located in Scottsdale, Ariz. Its portfolio comprises more than 800 specialty retailers, restaurants, discount retailers, drug stores and convenience stores, including 83 Circle K properties.

NRC provides a full array of real-estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial and residential real estate. It offers portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services.

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