Tuesday, December 22, 2009
Tri Star To Conduct Strategic Divestiture
Source: Convenience Store DecisionsBy CSD Staff
Tri Star Energy LLC of Nashville, Tenn., is planning a strategic divestiture of a number of convenience stores and retail gasoline outlets in Tennessee. NRC Realty & Capital Advisors LLC will conduct the sale.
Proceeds from the divestiture will be used for expansion and acquisition opportunities currently available to the company. The preliminary list includes a diverse mix of company-operated and consignment sites (with and without real estate interests) and supply-only sites with equipment, as well as several parcels of undeveloped land.
The locations and business interests will be sold through a sealed bid sale in a "buy one, some or all" format. A brochure with a finalized list of sites and full information will be available from NRC the week of Jan. 10, 2010. Information will also be available at that time on NRC's Web site, www.nrc.com. Current plans call for bids to be due on Feb. 18.
Tri Star currently operates and/or supplies fuel to some 240 sites, concentrated in central Tennessee, but also extending into eastern Tennessee and Kentucky. The sites being divested are scattered throughout the company's operating territory. Gasoline brands of the sites include Shell, Exxon, and BP.
"This sale offers some great opportunities for qualified buyers," said Dennis Ruben, the managing director of NRC. "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."
"We are pleased to be working with NRC on this divestiture," said Steve Hostetter, CEO of Tri Star. "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."
Founded in 2000 and headquartered in Nashville, Tri Star is a joint venture of Kimbro Oil Company, The Parman Corporation and Motiva Enterprises LLC. Tri Star Energy distributes fuel to some 240 locations and operates 100 convenience stores under the Daily's Convenience Stores brand in Tennessee and Kentucky.