Monfort Cos. is exiting the convenience-store industry with the sale of its petroleum marketing and convenience retail assets to multiple buyers, Matrix Capital Markets Group Inc. said on Thursday.
Monfort Cos. at one point had operated about 80 convenience stores in Colorado, Minnesota, Oklahoma, Texas and Wisconsin, Matrix said. It has been divesting its stores since 2023 to buyers including 7-Eleven Inc., Kent Kwik Convenience Stores, Azan Petro and Diamond Jubilee Oil LLC.
Kent Kwik acquired about 10 Monfort Cos. stores in West Texas, 7-Eleven acquired about 10 stores in Colorado, Diamond Jubilee Oil acquired about 20 stores in Oklahoma and Azan Petro acquired about 20 stores in Wisconsin and Minnesota, Matrix told CSP.
- Monfort Cos./7E Co Holdings is No. 90 on CSP’s 2025 Top 202 ranking of top U.S. convenience-store chains by store count. 7-Eleven Inc. is No. 1, The Kent Cos. is No. 61.
Founded in 1930, Denver-based Monfort invested in local economies with a focus on commercial real estate, entertainment venues and multisite retail, Matrix said.
In 2013, it expanded its investment portfolio with the acquisition of its first convenience stores in Denver. Over the following decade, it aggressively grew its footprint in the c-store industry, acquiring and operating select 7-Eleven locations in Texas, Murphy USA sites in Minnesota, Speedway and Dino Stop stores in Wisconsin, Jack’s Convenience Stores in Texas and the Chisholm Corner stores in Oklahoma, Matrix said.
“Monfort has always invested with purpose,” said Alon Mor, CEO of Monfort Cos. “Growing a portfolio of nearly 80 stores across five states in just over five years reflects our team's ability to identify opportunity and execute. We're grateful for Matrix's partnership throughout this process, and we look forward to redeploying this capital into the next chapter of our growth.”
Matrix provided merger and acquisition advisory services to Monfort. Earlier this month, Citizens Financial Group Inc. announced it had entered a definitive agreement to acquire Richmond, Virginia-based Matrix.
“We’re honored to have been given the opportunity to advise the Monfort team on the sale of the sizable chain that they grew over such a short period of time. We wish them much success in redeploying this capital into other parts of their investment portfolio,” said Cedric Fortemps, co-head of Matrix’s Downstream Energy and Convenience Retail Investment Banking Group.
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