Circle K Closes Deal for Carls Oil Co.
HINCKLEY, Ill. — An affiliate of Circle K Stores Inc. acquired substantially all the assets of Carls Oil Co. Inc. and certain assets of the locally based company's affiliates.
Carls Oil owned and operated four convenience stores and gas stations, and supplied fuel to an additional location. All the sites are located outside of the Chicago metropolitan area, according to NRC Realty & Capital Advisors LLC.
NRC represented Carls Oil in the sale process.
A third-generation family-owned business, Carls Oil dates back to 1947. It began operations as a bulk fuel service for farm and fuel oil customers with fuel-branded Cities Service.
"My family worked tirelessly to create a group of world-class convenience stores which would be the pride of the communities in which they are located, and we believe that we have accomplished that," said Randy Carls of Carls Oil.
"Consequently, we are extremely pleased that the high standards we have established will be carried on by our buyer, Circle K. Our stores could not have wound up in better hands," Carls said.
NRC's Dennis Ruben, executive managing director, and Ian Walker, senior vice president, managed the transaction.
Circle K is owned by Laval, Quebec-based Alimentation Couche-Tard.