Mergers & Acquisitions

A New Convenience ‘Contender’?

Real-estate, private-equity firm begins to build c-store portfolio, aiming for 400 stores

NEW YORK -- A new player in the convenience-store industry could grow to as many as 400 locations in the next three years if its acquisition pipeline holds up. The company, Corniche Capital, is under contract to acquire 12 c-stores in New Mexico before the end of the year.

Although executives did not identify the seller, David Ebrahimzadeh, president and CEO of Corniche Capital, said he sees an opportunity to “become a contender” in the industry.

“We recognize the fierce competition within this space, but also view the fragmented industry as a strong opportunity to streamline operations and become a contender with other brands,” he said. “We’ve also aligned ourselves with key personnel and coupled with our work ethic, we believe we have a competitive advantage.”

Corniche Capital has engaged the TZD Retail Group of Marcus & Millichap, Chicago, as its exclusive commercial real-estate broker. Steven Garthwaite and Mark Taylor are leading engagement with the company. The firm will oversee the acquisition of sites for the convenience stores with gasoline, commercial land purchases and commercial building purchases across all Corniche Capital’s businesses. The firm will be responsible for helping the petroleum unit of Corniche Capital build what the company said will be a portfolio of 300 to 400 convenience stores throughout the United States.

“Our appetite is mainly for locations that come with the real estate; however, we will also look at leased locations as well, anywhere in the country,” Garthwaite said.

Upon completion of the purchase and subsequent acquisitions, the company intends to rebrand and renovate the properties to increase sales and enhance customer satisfaction. Corniche Capital is currently building strategic partnerships with experts within the c-store industry to assist with day-to-day operations and strategic growth analysis of the brand.

“We are very excited to be engaged with Corniche Capital in the development of a national convenience-store contender. We will work diligently to assess new opportunities for acquisitions as they arise and advise our client on valuations for both the business and real estate,” said Garthwaite.

New York-based Corniche Capital began as a real-estate development company in 2012. It is a leading opportunistic investor in both the private and public sectors. Business activities are divided between two main business units: real estate and private equity. Their portfolio is diversified across a wide variety of industries, including manufacturing, distribution, energy, commodities/mining, agriculture, infrastructure, logistics and more.

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