Matrix Announces the Successful Sale of 7-Eleven’s Wyoming Stores
RICHMOND, VA – December 1, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of two truck stops and one convenience store owned by 7-Eleven, Inc. (the “Company”) to Parkland Fuel Corporation (“Parkland”).
7 Eleven acquired the three facilities (the “Stores”), two of which are located in Cheyenne, Wyoming and one in Laramie, Wyoming, along with seventy-six 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.
Mr. 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.”
About 7-Eleven, Inc.
7‑Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7‑Eleven® operates, franchises and/or licenses more than 60,000 stores in 17 countries, including 10,700 in North America. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7‑Eleven has expanded into high-quality salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings, cheeseburgers and hot chicken sandwiches. 7‑Eleven offers customers industry-leading private brand products under the 7-Select® brand including healthy options, decadent treats and everyday favorites, at an outstanding value. Customers also count on 7‑Eleven for bill payments, self-service lockers and other convenient services. Find out more online at www.7‑Eleven.com.
About Parkland Fuel Corporation
Parkland delivers gasoline, diesel, propane, lubricants, heating oil and other high-quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States. Our mission is to be the partner of choice for our customers and suppliers, and we do this by building lasting relationships through outstanding service, reliability, safety and professionalism. We are unique in our ability to provide customers with dependable access to fuel and petroleum products, utilizing a portfolio of supply relationships, storage infrastructure, and third party rail and highway carriers to rapidly respond to supply disruptions in order to protect our customers. Find out more online at www.7-Eleven.com.