Parkland Fuel Corp. acquires two truck stops and one c-store.
7-Eleven has successfully divested two truck stops and one convenience store to Parkland Fuel Corp. with the help of Matrix Capital Markets Group.
7 Eleven acquired the three facilities (“the stores”), two of which are located in Cheyenne, Wyoming and one in Laramie, Wyoming, along with 76 stores in California as part of its acquisition of CST Brands Inc.’s (“CST”) West Coast Portfolio, which 7-Eleven closed on July 7, 2016.
The stores, which include a 10,300-square-foot truck stop that was recently completely redeveloped, are all high-volume profitable retail locations and are expected to sell more than 15 million gallons of fuels on an annual basis.
Due to the fact that 7-Eleven did not operate any stores in Wyoming at the time of the closing on CST’s West Coast Portfolio, it entered into an agreement with CST to have CST continue to operate the Stores through a temporary lease agreement. 7-Eleven determined it was in its best interest to divest of these Wyoming properties due to its lack of store concentration around these markets, which it has now successfully done after engaging Matrix to manage and execute the sale process.
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing of the Stores through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, Managing Director. Stephen Lynch, Senior Associate; and John Duni, Senior Analyst; also advised on the transaction.
Fortemps commented, “It was a pleasure working with the entire 7-Eleven team on structuring and executing on a process that would achieve their goals, which included a sale in a compressed time frame. It required a lot of hard work by everyone involved to successfully sell the stores exactly five months after being engaged, and finding the right partner in Parkland was certainly one of the keys to being able to accomplish 7-Eleven’s objectives.”