Source: facebook.com/knowjacks
Penta Operating dba Jack’s Convenience Stores sold eight petroleum marketing and convenience retail stores and one Jack’s Lube & Wash oil change and car wash location to an affiliate of Monfort Cos. The stores are located in the west Texas markets of Midland, San Angelo and Abilene. Four stores offer Exxon-branded fuel, while four sell Jack’s branded fuel.
Under various predecessor entities, but through continued related family ownership, Jack’s has operated retail convenience stores with fuel in west Texas since the early 1970s, when founder Frank Ligon founded the Frank Ligon Oil Co. In 2001, Ligon’s daughter, Monica Wolfe, and her husband, Tyler Wolfe, purchased the business from Ligon. In 2014, Penta Operating was formed and four former Town & Country Food Stores’ executives, consisting of Alvin New, Devin Bates, Randy Brooks and Robert Eggleston, invested in the company alongside the Wolfes. The portfolio of stores is a combination of assets acquired from ExxonMobil and new-to-industry locations, with four of the stores having been constructed since 2013.
Since its inception in 2008, the Jack’s brand has become well-known in the region and has developed a loyal customer base in the markets the company serves. The company prides itself on offering a unique mix of convenience store staples and proprietary Jack’s-branded products tailored to local consumers. The stores are comprised of high-quality, larger-format retail stores, and five of the locations feature car washes, including two tunnel washes. Two locations have proprietary “Jack’s Grub N Stuff” foodservice offerings, including breakfast burritos and biscuits, sandwiches, pizza, and freshly prepared salads. Additionally, tenant-operated foodservice offerings are featured at two sites, consisting of Which Wich Superior Sandwiches and Chuck & Patty’s, a local fast-casual restaurant concept offering hamburgers, frozen treats and beer on tap.
Matrix Capital Markets Group, an independent investment bank, advised Jack’s.
“We have to also commend Matrix for connecting us with Monfort Cos., who is a great fit for all of our outstanding transferring team members and will be a great steward to carry on the legacy of the Jack’s brand as they continue to expand,” commented Tyler Wolfe, co-operating partner of the company.
Since 1930, Monfort Cos. invested in and developed commercial real estate projects that added long-term value and vitality to the Rocky Mountain region and beyond. As a predominant convenience store and gas station operator, Monfort is actively expanding its footprint across the Untied States to include Colorado, the Midwest, Texas and the Southeast.
