Matrix Announces the Successful Sale of Crenco Food Stores’ Convenience Stores & Truck Stop
Crenco Food Stores, Inc. and Crenshaw Oil Company, Inc. (Crenco) has been advised by Matrix Capital Markets Group, Inc. (Matrix) regarding the sale of their four convenience stores and one truck stop location to GPM Southeast, LLC and GPM Petroleum, LLC, two entities affiliated with GPM Investments, LLC.
The convenience stores and truck stop are all high volume and highly profitable stores selling Exxon branded fuel and assorted convenience merchandise. GPM Southeast is acquiring a fee simple interest in three stores and will be leasing one store and the truck stop from the Company under a long-term lease agreement, as part of the transaction.
Harold Crenshaw, Jr., President of Crenco Food Stores, Inc., said “Matrix did a fantastic job representing our company to achieve the best result for our family and employees and honoring our 47 year legacy. Matrix found us the right buyer that would be the best fit for our employees and also provide us with our desired transaction structure. Throughout the entire transaction process, Matrix provided a high level of professional guidance and support and led us through all the financial complexities and emotions that accompany the sale of a family business.” PWKD09032018