GPM Investments acquires Crenco Food Stores.
Crenco Food Stores Inc. and Crenshaw Oil Co. Inc. has sold its four convenience stores and one truck stop location to GPM Southeast LLC and GPM Petroleum LLC, two entities affiliated with GPM Investments LLC, headquartered in Richmond, Va.
The convenience stores and truck stop are all high volume and highly profitable stores and are located in northern South Carolina, with three stores in Lancaster, one store in Rock Hill and the truck stop in Richburg. All of the stores sell Exxon branded gasoline and assorted convenience merchandise. As part of the transaction, GPM Southeast is acquiring a fee simple interest in three stores and will be leasing one store and the truck stop from the Company under a long-term lease agreement.
The Company was founded in 1970 when Harold Crenshaw, Sr. formed Crenshaw Oil Co. Inc. In 2010, Harold ‘Hal’ Crenshaw, Jr. acquired complete control of the Company from his father. Over its nearly 50 years in operation, the Crenshaw family built an extremely successful business with the help of many hard-working, dedicated, loyal employees and won many awards in recognition of their accomplishments, including recently being named the 2017 South Carolina Retailer of the Year by the South Carolina Association of Convenience Stores (SCACS).
Matrix Capital Markets Group provided merger and acquisition advisory services to Crenco, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale transaction and leases. The transaction was managed by Cedric Fortemps, managing director. Stephen Lynch, vice president, and John Duni, associate, also advised on the transaction.
Harold Crenshaw, Jr., president of Crenco Food Stores Inc., commented, “Matrix did a fantastic job representing our company to achieve the best result for our family and employees and honoring our 47 year legacy. Matrix found us the right buyer that would be the best fit for our employees and also provide us with our desired transaction structure. Throughout the entire transaction process, Matrix provided a high level of professional guidance and support and led us through all the financial complexities and emotions that accompany the sale of a family business.”
Fortemps added, “We were honored to have been engaged by Mr. Crenshaw to advise him on the sale of his business and are very pleased that through this transaction, he was able to exit with a deal structure that allows him to benefit today as well as in the future.”
Joshua Vann of Morton & Gettys, LLC served as legal counsel for Crenco.