FJ Management to Acquire Majority Interest in Maverik

NORTH SALT LAKE CITY, Utah -- FJ Management Inc. (FJM), formerly known as Flying J, announced today that it is acquiring a majority interest in Maverik Inc., the nearly 250-store convenience retailer based here. The deal reunites two branches of the Call family to create unique synergies in the market.

Nearly 60 years ago, brothers Reuel and Osborne Call formed a partnership to market fuel. The partnership lasted more than a decade until Reuel purchased Osborne's ownership in the business. Jay Call, Osborne's son, then founded Flying J Inc.

After 44 years of operating independently, the Osborne and Reuel Call families are now once again joining forces in the oil refining, fuel distribution and convenience retailing businesses. Crystal Call Maggelet, daughter of Jay Call, and Mike and Brad Call, descendants of Val and Larry Call and grandsons of Reuel Call, will join together in this renewed family partnership.

Together, they expect this combination to deliver unique synergies in the marketplace, further the growth of Maverik stores and create many jobs throughout the intermountain West.

"Maverik will continue to aggressively market its high-energy Adventure's First Stop brand that has created millions of raving fans," said Mike Call, Maverik's CEO.

FJM and Maverik will operate independently with their current respective management teams.

"We are very excited to be back in the convenience store business, especially partnering with an industry leader like Maverik," added Crystal Maggelet, CEO of FJM. "FJM and Maverik remain committed to all our current customers, suppliers and employees, and look forward to this adventure together."

The letter of intent signed by the parties anticipates finalizing documents and closing the transaction by early December.

FJ Management is headquartered in Ogden, Utah, and is a diversified holding company with interests in:

• Petroleum refining, marketing and trading through its Big West Oil subsidiary;
• Pilot Flying J travel centers, serving the traveling public across the country;
• EFS, a transportation credit processing business; and
• TAB Bank, serving the commercial finance needs of small and medium businesses from coast to coast.

Maverik was founded by Reuel Call in Afton, Wyo., in 1928 and has grown to nearly 250 stores in 10 states to become the largest independent fuel marketer in the intermountain West. Maverik currently employs 3,700 "adventure guides" with aggressive growth plans for further concentration in its current trade area, as well as expansion into Las Vegas, Denver, Spokane, and other markets.