Dive Brief:
- New Distributing, Inc. and Jayen, Inc., a convenience retailer, branded petroleum marketer and wholesale fuel supplier, has sold its eight c-stores in Texas to Saad Ali, an independent operator out of Houston, according to a Monday announcement from Corner Capital Advisors, which coordinated the sale.
- All eight stores are located in Victoria, Texas — New Distributing’s hometown.
- New Distributing, which is a third-generation company, becomes the latest family-run convenience retailer to sell all of its c-stores, continuing a trend that picked up steam last year amid the industry’s M&A frenzy.
Dive Insight:
Although it is divesting its c-stores, New Distributing will continue to supply fuel to all eight locations for up to 15 years, according to the announcement. All of the Fastop locations sell Conoco-branded fuel, while the Cimarron locations offer Shell-branded gasoline, according to New Distributing’s website.
All eight of the convenience stores offer the company’s Cimarron-branded baked goods line and membership to its Kickback loyalty program.
Moving forward, the deal allows New Distributing to focus its resources and capital on its dealer wholesale supply, commercial fuels and lubricants business, Jon New, president of New Distributing, said in the announcement.
Meanwhile, Ali and his operating partners will continue operating under the Fastop and Cimarron brands and plan to make additional investments into the stores, according to the announcement.
Founded in 1959, New Distributing began as distributor of Conoco-branded gasoline, and eventually grew to supply fuel to 62 convenience stores in addition to opening its company-operated locations.
