Matrix Announces the Successful Sale of Stop-a-Sec Stores
RICHMOND, VA – October 28, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of eight stores owned by Stop-a-Sec, Inc. and Seck Enterprises Inc. of Luck, Wisconsin (collectively the “Company”) to TravelCenters of America LLC (NYSE: TA). All eight of the sites were owned in fee. The stores are located in Western Wisconsin and serve the communities of Balsam Lake, Cushing, Grantsburg, Luck, Osceola, Minong, Webster and Woodville, Wisconsin.
Stop-a-Sec, Inc. was founded in 1989 by Ed and Jody Seck with just one store in Luck, Wisconsin. Ed and Jody grew the business through a combination of new builds and acquisitions to the eight stores being sold to TravelCenters of America LLC. The eight stores have operated as Holiday franchised stores and have provided high quality fuel and a full range of convenience store items to the communities they serve.
Matrix provided merger and acquisition advisory services to Stop-a-Sec, Inc. and Seck Enterprises, Inc., which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Spencer Cavalier, Managing Director and John Underwood, Director. Andrew LoPresti, Associate also advised on the transaction.
Ed Seck, President of Stop-a-Sec, Inc. and Seck Enterprises, Inc. said, “Matrix did a great job in leading the sales process, maximizing value for our stores and working with our legal counsel to negotiate the transaction. We are pleased that TA will be retaining our existing employees. Along with our daughters, Shannon and Jennifer, we have operated our stores as a family business for 26 years and will truly miss the convenience store industry. It was not an easy decision to sell, however we are confident that our employees and customers are in good hands and look forward to seeing positive changes for them all. We appreciate each and every employee and customer. We greatly appreciate the hard work John Underwood and his team at Matrix, along with the law firm of Winthrop & Weinstine led by Mark Johnson, did in bringing things to a successful close.”
Mr. Underwood commented, “It was a real pleasure to work with Ed and Jody and the Stop-a-Sec family. They have built a very strong family business and it was a privilege to work with them on the sale of their stores.”
Mark Johnson, Tami Diehm and Noreen Sedgeman of Winthrop & Weinstine, P.A. served as legal counsel for Stop-a-Sec, Inc. and Seck Enterprises, Inc.