Matrix Announces the Successful Sale of Select Circle K Sites to Casey’s General Stores
RICHMOND, VA/BALTIMORE, MD – June 28, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Circle K Stores Inc. (“Circle K” or the “Company”) on the sale of forty-eight (48) petroleum marketing and convenience retail stores (the “Stores”) to Casey’s General Stores, Inc. (“Casey’s”). The Stores are all Circle K branded and located in Oklahoma, mostly in the greater Oklahoma City market, and sell Conoco, Phillips 66, Shell, Valero and Circle K branded fuels. Circle K Stores Inc. is owned by the global convenience and fuel retailer Alimentation Couche-Tard Inc.
Matrix provided merger and acquisition advisory services to Circle K, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, Vice President; and John Mickelinc, Associate.
Mr. Fortemps said, “We’re very pleased to have advised Circle K on their sale process. This transaction was a win-win as Casey’s acquisition of the Stores will allow them to increase their presence in the Oklahoma City market, and it was very important to them to retain the vast majority of the employees, which was also important to Circle K.”