• Small West Texas Chains Sold as Year Winds Down

  • Small West Texas Chains Sold as Year Winds Down

    Expectations suggested that many small c-store chains or jobbers would forge
    sales deals before 2021 ends, and those expectations are being met. Today,
    Matrix Capital Markets Group -- one of the most active advisement firms in
    petroleum M&A -- announced that eight c-stores and one Lube & Wash owned by
    Penta Operating have been sold to an affiliate of Monfort Companies.

    The stores are located in the west Texas markets of Midland, San Angelo and
    Abilene. Four of the properties fly the Exxon flag while four sell under the
    private "Jack's Convenience Store" moniker.

    No price was disclosed, but the stores are said to be high-quality,
    larger-format retail stores with five properties featuring car washes.

    Monfort Companies has been and is involved in various commercial real estate
    ventures in urban and rural communities. The firm operates an owns convenience
    stores in an expanding geographic footprint that includes Colorado, the
    Midwest, Texas and the Southeast.

    --Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Michael Kelly,
    michael.kelly3@ihsmarkit.com



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