Fikes Wholesale d/b/a CEFCO Convenience Stores and its affiliates have divested 50 of the company’s company-operated petroleum marketing and convenience retail stores located in Texas, Louisiana, Mississippi, Arkansas and Alabama. BreakTime Corner Market and its affiliates acquired 48 of the company’s stores and Refuel Operating Co. d/b/a Refuel acquired two stores in Mississippi.
CEFCO has been serving customers’ convenience needs since its first store opened in 1979. Through organic growth and acquisitions, the company has expanded to over 250 locations across six states (Texas, Louisiana, Arkansas, Alabama, Mississippi and Florida). The divestment of these 50 locations enables CEFCO to enhance its capital allocation and focus investment in new stores and remodeling of existing convenience stores.
In addition to the more than 200 petroleum marketing and convenience retail locations that the company will continue to operate, Fikes Wholesale owns and operates a wholesale fuels business (Fikes Fuels), a fuels transportation business (Group Petroleum Services), an ATM solutions provider (CORD Financial Services), and an ATM processor (Digital Network Solutions).
Matrix provided merger and acquisition advisory services to CEFCO, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.
“We appreciate Matrix’s thorough and professional representation throughout this transaction. With plans to open 20 new stores this year, CEFCO will continue to build, open and operate stores that fit its vision of being a first-tier convenience-driven retailer with engaged employees who sell great food and provide great service in an exceptionally clean environment,” said Raymond Smith, president, Fikes Wholesale.
“Fikes is one of the best managed and disciplined convenience retailers in the U.S. We are honored to have worked with their executive management team to divest these stores in order for them to redeploy capital to continue growth in their target markets and preferred store prototypes,” said Spencer Cavalier, CFA, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.