Florida Oil aims to concentrate on growing its business in the Atlanta area.
Orlando, Fla.-based Florida Oil Holdings LLC has sold its Orlando assets to Circle K Stores Inc., a wholly owned subsidiary of Alimentation Couche-Tard Inc. Florida Oil directly operated 29 retail convenience stores with gasoline located in the greater Orlando, Fla. area.
“We made the very difficult decision to exit the Orlando market so that we could more effectively concentrate our efforts on growing our business in the Atlanta area,” said Russ Scaramella, Florida Oil’s managing member. “I am confident that Couche-Tard will be an excellent successor and that these will be well performing stores for them as they expand their brand in central Florida. We wish them well and thank them for the manner in which they conducted the transaction.”
Matrix Capital Markets Group provided merger and acquisition advisory services to Florida Oil, which included valuation advisory, transaction structuring, marketing of the assets and negotiation of the purchase agreement. The transaction was overseen by Tom Kelso, managing director and head of the Matrix Energy & Multi-Site Retail Group, and managed by John Underwood, vice president and Vance Saunders, vice president.
“We greatly appreciate the opportunity to provide these services to Russ and his team and we are pleased for the great outcome for Florida Oil,” Underwood said. “We also appreciate the professionalism shown by the team at Circle K.”