Thursday, August 18, 2016
6 Guppy’s on the Go Up For Sale
One owner to exit convenience-store business
Source: CSP Daily NewsBy Steve Holtz, Greg Lindenberg
CEDAR RAPIDS, Iowa – Guppy’s on the Go, a Cedar Rapids, Iowa-based convenience-store retailer with 10 locations, is putting six stores on the auction block.
As reported in a McLane/CSP Daily News Flash, Ravinia Capital LLC, the financial adviser to Guppy’s on the Go, has retained NRC Realty & Capital Advisors LLC to sell six c-stores, which are located in and around the Cedar Rapids market.
At least four other Guppy's on the Go stores will continue to operate, while the owner of the six stores now for sale will exit the convenience-store business, an NRC spokesperson told CSP Daily News.
The six Iowa stores are located in Cedar Rapids, Marion, Robins, Postville, Elgin and Tripoli, with store sizes ranging from 1,500 to 3,500 square feet. Four of the sites are branded BP, two are branded Sinclair. The sites are being sold with or without fuel supply.
Most of the stores have Godfather’s pizza franchises and are modern offerings with large canopies and single-hose multipump dispensers.
Guppy’s on the Go was founded in March 1998, the company said on its website. “We started our own business of convenience stores after seeing the decline in quality of the local convenience stores in Cedar Rapids and all across eastern Iowa,” it said. The chain offers online pizza ordering and a fuel rewards program.
Chicago-based NRC is offering the sites through its "buy one, some or all" bid process; however, the owner prefers to sell the stores to a single buyer.
NRC provides real-estate and financial advisory services to the convenience-store and petroleum industries and specializes in the accelerated sale of commercial and residential real estate.
Ravinia Capital LLC is a Chicago-based boutique investment bank that serves as transactional advisers to middle market clients on capital market initiatives, including sales, mergers and acquisitions and refinancing.