C-Store News
Wednesday, March 3, 2010
Spinx Buys 10 Enmark Sites
Source: CSP Daily News
Carolina retailer solidifying regional network of stations with acquisitionGREENVILLE, S.C. -- In a move that helps the company solidify its retail network geographically, The Spinx Co. yesterday announced the acquisition of 10 convenience stores from Enmark Stations Inc. As reported in a CSP Daily News Flash on Tuesday, the c-stores are located in Greenville, Anderson, Williamston, Belton, Greenwood, Fountain Inn, Newberry, Lexington and Moncks Corner, S.C.
The Greenville, S.C.-based company plans to rebrand these stores to the Spinx brand within the next three months. All 10 stores will remain open through the transition process, the retailer said.
"These stores are a great addition to our company and will allow Spinx to expand its product and brand offers to customers in some new areas while filling in important, existing markets," said Stewart Spinks, CEO of The Spinx Co.
In early August 2009, Enmark retained Chicago-based NRC Realty & Capital Advisors LLC to coordinate the sale of 20 retail petroleum sites the company wanted to divest. The 10 sites Spinx has purchased were among those locations.
The remaining sale portfolio consists of operating retail gasoline stations in a variety of formats?some with full convenience stores, some with kiosk only and some also including car washes. All properties for sale include the underlying real estate. (Click here for details.)
"For the most part, these are sites well outside our core marketing area," Jim Mercer, Enmark's vice president and general manager, said when the sale was announced.
Before this deal with Spinx, Savannah, Ga.-based Enmark Stations had more than 70 locations throughout Georgia, South Carolina and North Carolina. It offers private-label fuels.
Enmark is a subsidiary of Colonial Group Inc., Savannah, a private company with extensive ownership in oil- and gas-related companies. Enmark began operation in 1963 as Interstate Stations and was re-branded as Enmark in the late 1980s. In the early 1990s, Enmark completed a major re-imaging that allowed it to deliver the look and feel of a major gasoline retailer while retaining the competitiveness of an independent. In the late 1990s, Enmark added c-stores, discount tobacco stores and car washes to selected sites.
With this acquisition, The Spinx Co. now owns and operates 74 convenience stores in North Carolina and South Carolina, including 24 foodservice locations and 33 car washes. Fuel brands include BP, Exxon, Sunoco and private label.
Founded in 1972 by Stewart Spinks, the company is the largest privately held gasoline-convenience retailer in South Carolina and is ranked among the top c-store chains in the country.