Circle K & Johnson Oil Close Tiger Tote Acquisition
GONZALES, Texas — Circle K expanded its Southwest footprint by closing its deal to acquire 21 convenience stores and 182 dealer locations in Texas.
The agreement with Cinco J Inc. (d.b.a. Johnson Oil Co.) and Tiger Tote Food Stores Inc. includes Tiger Tote convenience store locations and Johnson Oil dealer locations. The c-stores will be rebranded to the Circle K banner, while the retail fuels and dealer locations will retain their current fuel brands through Circle K's National Wholesale Fuel branding agreements.
The transaction was first announced March 16.
"We are pleased that the Johnson family was able to transition the majority of their employees to a company of Circle K's caliber and with such tremendous opportunities for career growth," said Roy Cole, president of Johnson Oil. "The Johnson family believes Circle K will benefit from the legacy of customer service and community presence that our stores and people provided since 1958.”
Johnson Oil and its board of directors, assisted by Corner Capital Advisors LLC, began exploring strategic options after the death of the company's founder, Fletcher Johnson, in 2013. After reviewing potential options, the Johnson family decided a sale of its retail and dealer fuel supply assets was the appropriate path.
"Exiting a family business founded in 1958 requires thoughtful consideration. We are extremely pleased that the family trusted Corner Capital and its team to assist and guide the company through the entire process, and it has been a pleasure to work with the Johnson family and the board," said Andy Miller of Corner Capital Advisors.
The 21 Tiger Tote stores operate throughout central and south Texas, primarily distributing Exxon and Chevron fuels. The convenience stores also offer proprietary foodservice under the Mama's Kitchen brand, which will continue subsequent to the sale.
The company supplies dealer accounts throughout central, south and east Texas, and also into Louisiana. It distributes approximately 200 million gallons annually of unbranded and branded fuels and lubricants, including the Exxon, Chevron, Shell, Valero, Texaco and CITGO brands.
Johnson Oil has retained its lubricants and commercial fuels business.
Circle K is the U.S. division of Canadian retailer Alimentation Couche-Tard Inc.