CrossAmerica, Circle K acquire Alabama fuel retailer
CrossAmerica Partners and Circle K Stores have successfully closed the acquisition of Jet-Pep and Bama Terminaling and Trading.
The sold assets consist of 119 convenience stores with fuel sales located throughout Alabama, and a 270,000-barrel motor fuels terminal, which is located in Birmingham and directly connected to the Colonial and Plantation pipelines.
For a total of $72 million, CrossAmerica purchased 101 commission operated retail sites, including 92 fee sites, 5 lease sites and 4 independent commission accounts. The locations sold nearly 91 million gallons of unbranded fuel in 2016.
Founded in 1973, the Jet-Pep brand has grown to be one of the most well-recognized and trusted independent fuel brands in Alabama.
Matrix Capital Markets Group provided merger and acquisition advisory services to Jet-Pep, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
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