CINCINNATI — EG America closed on its acquisition of Fastrac Markets LLC, adding 54 convenience stores in New York to its portfolio.
The two companies inked a definite agreement in April. The transaction also includes Fastrac's wholesale fuel and transportation businesses.
Headquartered in Syracuse, N.Y., Fastrac's operating footprint spanned the Rochester-Syracuse-Albany region. Over the past 20 years, management has focused on growing the Fastrac brand by building attractive fueling sites on expansive lots with large convenience stores, according to Matrix Capital Markets Group Inc.
Matrix provided merger and acquisition advisory services to Fastrac, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, co-head of Matrix's Downstream Energy & Convenience Retail Group; Sean Dooley, director; Christian Klawunder, senior associate; and John Mickelinc, analyst.
"Matrix has watched the growth and evolution of this dynamic company since its creation in 1998. Fastrac's owners and management team invested skillfully in high-traffic real estate locations and modern and expansive facilities, which allowed the company to become a cutting-edge, high-volume retailer in both the forecourt and backcourt," Cavalier said.
Roderick McDonald, Thomas Smith and Kate Chmielowiec of Bond, Schoeneck & King PLLC, as well as Camille Kahler of Saunders Kahler LLP, served as legal counsel for Fastrac.
Cincinnati-based EG America is subsidiary of Blackburn, U.K.-based EG Group Limited. The acquisition will bring EG Group's U.S. store count to 1,042 locations across 24 states.
The company previously made major inroads into the United States through its purchases of The Kroger Co.'s c-store business and TravelCenters of America's Minit Mart brand, as Convenience Store News previously reported.