Fast Track Exits the Convenience Channel
GAINESVILLE, Fla. — Fast Track is the latest small operator to leave the convenience store business upon the sale of its petroleum marketing, convenience retail and quick-service restaurant (QSR) businesses to Anabi Real Estate Development LLC dba Anabi/Rebel.
Matrix Capital Markets Group Inc. advised Land O'Sun Management Corp. dba Fast Track on the sale.
The deal includes 17 c-stores, 10 colocated QSRs and two standalone QSRs in northern Florida.
Land O'Sun Management launched operations in 1996 when cofounders Alan Fogg, Richard Rentz and Stephen Fogg purchased 38 gas stations in northern Florida. In 2000, the company purchased 13 additional stores that provided access to the QSR business. Over the next 23 years, Land O'Sun integrated national QSR brands such as Arby's, Wendy's, Dairy Queen and Subway into its stores. In 2022, the company opened a new-to-industry, state-of-the-art Fast Track store in Gainesville with a car wash, beer cave and made-to-order deli.
Matrix provided merger-and-acquisition advisory services to Land O'Sun, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
[Read more: Rebel Convenience Stores Expands Reach With New Delivery Pact]
"As a family business, deciding to sell is both an economic and emotional decision," said Fast Track President Alan Fogg. "Our prior experience with Matrix, conducting periodic business evaluations of our company, gave us confidence that Matrix was the right partner for this transaction. The support they provided in presale planning and through the entire sale process proved our confidence was warranted."
Based in Upland, Calif., Anabi/Rebel is a family-owned and -operated business with more than 600 locations across 16 states, including multiple QSR brands. Over the years, the company has grown by buying and selling stations, converting bays into convenience stores, adding car washes, partnering with fast food brands and building ground-up new-to-industry locations.