7‑Eleven Inc. and its wholly-owned subsidiary, SEI Fuel Services Inc., acquired 101 gasoline locations in Florida from Biscayne Petroleum LLC and Everglades Petroleum LLC.
The acquisition, advised by Matrix Capital Markets Group Inc., consists of 94 controlled real estate locations, seven fuel-supply-only contracts and some related assets.
These operations are primarily in the counties of Miami, Dade, Palm Beach and Broward with a few locations in the city of Naples. The gasoline stations will continue to sell Mobil-branded fuel, and a number of these outlets are currently being considered for rebranding as 7-Eleven convenience stores.
SEI Fuels entered the wholesale fuel business in the fourth quarter of 2012 when 7‑Eleven and SEI Fuels acquired the assets of TETCO INC. and its affiliates, which ran a Texas-based fuel distribution and convenience retailing business.
Matrix provided 7-Eleven Inc. with merger and acquisition advisory services, which included valuation advisory, marketing of the company through a customized, confidential, structured sale process and negotiation of the transaction.
“Having to sell our company was a difficult decision. Yet, Matrix’s advisory work from start to finish was outstanding. We are proud of all that has been accomplished with their support, and from our employees and our dealer partners. We also are pleased to have 7-Eleven and SEI Fuels assume ownership of our sites,” said Arturo Zizold, CEO of Biscayne Petroleum LLC and Everglades Petroleum LLC.