Kocolene to continue to operate seven retail fuel outlets and 14 tobacco stores in addition to its wholesale motor fuels distribution business.
Kocolene Marketing LLC has closed the sale of convenience store assets to Alimentation Couche-Tard Inc. through its wholly-owned subsidiary, Mac’s Convenience Stores, LLC. The Company’s assets acquired by Couche-Tard include 13 company-operated convenience stores with motor fuel offerings in Indiana and Kentucky, as well as the underlying real estate at 12 of the locations.
Kocolene Marketing LLC is a large fuels distribution, petroleum marketing and convenience store company based in Seymour, Ind. with operations in Indiana and Kentucky. After the sale, Kocolene will continue to operate a wholesale motor fuels distribution business, seven company-operated retail fuel outlets and 14 Smoker’s Host retail tobacco stores.
The Company is a wholly-owned subsidiary of Kocolene Development Corp., a fourth generation, family run business founded in 1938 by Carrie Myers and currently managed by Gary Myers, chairman and CEO of Kocolene, Andrea Myers, president of Kocolene Marketing, and Kevin Johnson, executive vice president and chief financial officer of Kocolene Marketing, who was integral to managing the transaction process on behalf of the Company. Kocolene also owns controlling interests in Ranger Enterprises, LLC, a warehousing, logistics, and recycling business, and Komack Environmental, LLC, an environmental remediation services company. Kocolene is 100% owned by the Kocolene Development Corporation Employee Stock Ownership Plan.
Matrix Capital Markets Group provided merger and acquisition advisory services to Kocolene, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process and negotiation of the transaction. The transaction was co-managed by Cedric Fortemps, managing director and Vance Saunders, director. Tom Kelso, managing director and head of Matrix’s Downstream Energy & Retail Group, Stephen Lynch, senior associate, and Kyle Profilet, analyst, also advised on the transaction.
“Kocolene is pleased to be transitioning our loyal customers and dedicated team members to one of the respected leaders in the convenience store industry,” said Gary Myers, chairman and CEO of Kocolene said. “I feel all will benefit from this transaction long term, which was an important goal as we close a 77-year chapter of our company’s history. We were very pleased with the services Matrix provided our management team as we navigated through the process. Our goal to close this transaction was very aggressive. We chose Matrix because of their demonstrated expertise in completing transactions efficiently.”
Tom Kelso, managing director & head of Matrix’s Downstream Energy and Retail Group said, “We are honored to have been trusted by the Myers family and the other shareholders to advise them on such an important transaction impacting the future of their company.” Cedric Fortemps added, “We greatly enjoyed working with the entire Kocolene team and appreciate all of their hard work which was required in order to successfully close the transaction within approximately five months of Matrix being engaged.”
John Millspaugh, James Moloy, Andrew Harwell, and Angela Stephens Tarter of Bose McKinney & Evans LLP served as legal counsel for Kocolene.