Friday, August 17, 2007
Deweese Enterprises On Sale Block
Mississippi chain selling 45 stores, distributorship and ice company
Source: CSP Daily News
MERIDIAN, Miss. - Deweese Enterprises Inc. and its Super Stop! convenience-store chain was placed on the sale block yesterday.Super Stop! owns and operates 45 convenience stores in the Meridian, Miss., and Jackson, Ala., markets, a gasoline distribution business and an ice company.
Super Stop!, with its corporate office in Meridian, operates 37 stores in Mississippi and 8 stores in Southern Alabama. The majority of the properties are operated pursuant to long-term lease agreements, and five are fee-owned.
For the past 20 years, Super Stop! has been branded ConocoPhillips. In February 2007, the company began re-branding its locations as predominantly Texaco and Chevron.
In addition, Super Stop! operates the FunTime ice production facility, which serves its own units in addition to 700 additional customer accounts.
Deweese Enterprises most recently was in a growth-mode, having taken advantage of opportunities created by the aftermath of Hurricane Katrina, adding three ground-up stores and purchasing one other in the last year.
Super Stop! represents four decades of family commitment. The company was founded in 1966 by Glen Deweese, who founded the company after he had worked in the industry for several years and recognized the potential of the undeveloped convenience-store marketplace at the time. His son Doug Deweese assumed leadership of the company after his father's death in September 2001, bringing with him 25 years of industry experience.
"Super Stop! is proud of its many years of serving its communities in Mississippi and Southern Alabama," Doug Deweese said, "and selling the company has been a tough decision, but we believe it is the right one for our family at this time. We have recently reimaged our store network and the company is well-positioned for additional growth in our key market areas."
The sale will be directed by NRC Realty Advisors LLC, Chicago.
"Super Stop! represents a great opportunity for operators in the Southeast to acquire a well-established and managed company and take it to the next level of growth," said Denny Ruben, managing director and partner of NRC. "Very few companies of this caliber become available every year, and we expect the interest in SUPER STOP! to be high."
NRC has prepared an initial offering summary with respect to this acquisition opportunity. It is available through its customer service center at 800.747.3342 Ext. 708 or online from the NRC website, click here.