USA: Jack's Convenience Stores sells locations to Monfort Companies

A total of eight service stations and convenience stores located in Texas have been sold to an affiliate of Monfort.

Jack’s Convenience Stores has announced it sold a number of stores to an affiliate of Monfort Companies. The negotiations include eight service stations and convenience stores alongside one Jack’s Lube & Wash oil change and car wash locations in the state of Texas.

“Tyler, Robert and the rest of the Jack’s team should be very proud of the quality and consistency of the facilities and service offerings that the Company provides its customers. We very much appreciate the trust Penta’s owners placed in us to advise them on the sale of the incredible business they built and are happy for them on the successful outcome,” said Cedric Fortemps, CFA and Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, the company that advised Jack’s in the transaction.

The company has operated fuel stations and convenience stores under various entities, but through continued related family ownership, in the state since the 1970’s after Frank Ligon founded the Frank Ligon Oil Company. While in 2001 the company’s business was bought by Mr. Ligon’s daughter, Monica Wolfe, and her husband, Tyler Wolfe; it was in 2014 when Penta Operating LLC was formed thanks to an investment of former Town & Country Food Stores executives, Alvin New, Devin Bates, Randy Brooks and Robert Eggleston.

“This was an emotional transaction for our entire team and Matrix was by our side guiding us the entire way. Cedric, David and the whole Matrix team are second to none for their professionalism, industry knowledge, attention to detail and their tireless work ethic. We have to also commend Matrix for connecting us with Monfort Companies, who is a great fit for all of our outstanding transferring team members and will be a great steward to carry on the legacy of the Jack’s brand as they continue to expand,” commented Tyler Wolfe, Co-Operating Partner of Jack’s Convenience.

Penta Operating currently owns a portfolio of stores that includes a combination of assets acquired from ExxonMobil and different locations recently built, with four of its sites having been constructed since 2013. Four stores offer Exxon-branded fuel, while four sell Jack’s branded fuel.