CEFCO sells 50 convenience stores in 2 transactions
Photo courtesy of CEFCO
TEMPLE, Texas— Fikes Wholesale Inc. CEFCO Convenience Stores is divesting 50 of its company-operated petroleum marketing and convenience stores in Texas, Louisiana, Mississippi, Arkansas and Alabama. BreakTime Corner Market LLC acquired 48 of the CEFCO stores and Refuel Operating Co. LLC acquired two of the Mississippi stores.
CEFCO opened its first convenience store in 1979. Through organic growth and acquisitions, the company has expanded to more than 250 locations in six states: Texas, Louisiana, Arkansas, Alabama, Mississippi and Florida. The sale of these 50 sites allows CEFCO to improve its capital allocation and focus its investments in new stores and the renovation of existing stores, the company said.
“With plans to open 20 new stores this year, CEFCO will continue to build, open and operate stores that align with its vision to be a leading convenience-focused retailer with engaged employees who sell great food and provide excellent service in an exceptionally clean environment. environment,” said Raymond Smith, president of Fikes Wholesale, Temple, Texas.
- CEFCO is No. 35 on CSP 2022 Top 40 Update in the 2021 ranking of the Top 202 American convenience store chains by number of stores. Watch for the full Top 202 2022 ranking in the June issue of CSP magazine and in CSP Daily News.
In addition to the more than 200 petroleum products and convenience retail outlets that the company will continue to operate, Fikes Wholesale owns and operates a wholesale fuels business, Fikes Fuels; a fuel transportation company, Group Petroleum Services Inc.; an ATM solutions provider, CORD Financial Services; and an ATM processor, Digital Network Solutions.
Founded in 2004, Houston-based BreakTime Corner Market owns and operates more than 100 gas stations and convenience stores in Texas, Florida, Louisiana, California, Kansas, Missouri, New Mexico and Maine.
Based in Charleston, South Carolina, Refuel is an acquisition-driven fuel distribution and convenience store company with a “buy and build” strategy. This is No. 64 in CSP Top 202 ranking.
Independent investment bank Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to CEFCO, which included valuation advice, marketing the business through a structured and confidential sales process and negotiation of the transaction. Spencer Cavalier, Co-Head of Matrix’s Downstream Retail Investment Banking Energy and Commodities Group; John Underwood, General Manager; Martin McElroy Jr., Senior Partner; and James Mickelinc, Principal Analyst, managed the transaction.
“Fikes is one of the best managed and disciplined convenience retailers in the United States,” Cavalier said. “We are honored to have worked with their management team to divest these stores so they can redeploy capital to pursue growth in their target markets and preferred store prototypes.”
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