Tuesday, December 22, 2009
Tri Star Energy to Divest Stores in Tennessee
Source: Convenience Store News
NASHVILLE, Tenn. -- Tri Star Energy LLC, a joint venture between Kimbro Oil Co., The Parman Corp. and Motiva Enterprises LLC, plans to divest a number of convenience stores and retail gasoline sites in Tennessee through NRC Realty & Capital Advisors LLC.
The preliminary list of locations to be sold includes a mix of company-operated and consignment sites with and without real estate interests, along with supply-only sites with equipment, and several parcels of undeveloped land, NRC stated. The sites slated for divesture are scattered throughout the company's operating territory of central Tennessee, eastern Tennessee and Kentucky, according to the company. Gasoline brands offered at the sites include Shell, Exxon and BP.
The locations and business interests will be sold through a sealed bid sale in a "buy one, some or all" format. Full information, including a finalized list of sites, will be available from NRC and on its Web site the week of Jan. 10. Current plans call for bids to be due Feb. 18, according to the company.
"This sale offers some great opportunities for qualified buyers," Dennis L. Ruben, managing director of NRC, said in a statement. "These are solid operating stations. We encourage anyone currently operating in these markets -- or interested in operating in them -- to take a serious look at the portfolio when it is released early next year."
Tri Star plans to use the proceeds from the sale for expansion and acquisition opportunities currently available, NRC stated. Tri Star currently supplies fuel to approximately 240 sites, and operates 100 convenience stores under the Daily's Convenience Stores brand in Tennessee and Kentucky.
"We are pleased to be working with NRC on this divestiture," Steve Hostetter, CEO of Tri Star, said in a statement. "NRC's sealed bid process has proven to consistently produce the greatest number of bids and the highest proceeds, with closings occurring in the shortest amount of time."