Investment Firm Acquires TimeSaver Food Stores
FORT MYERS, Fla. — A new player is claiming a stake of the convenience retail industry with the purchase of 13 stores in Florida.
Town Star Holding LLC, an affiliate of Junonia Capital LLC of Fort Myers, acquired the entire portfolio of TimeSaver Food Stores Co., based in Port St. Lucie, Fla.
The deal includes 13 TimeSaver convenience stores in Fort Pierce, Okeechobee, Belle Glade, Pahokee, Frostproof and Floridana Beach, 11 of which are co-branded with Subway. Three freestanding Subways located in Port St. Lucie, South Bay and Belle Glade are also included in the transaction, according to NRC Realty & Capital Advisors LLC.
"Our investment firm is actively engaged in finding well-managed businesses in all sectors and industries, and we have been looking specifically at the convenience store industry for the right acquisition," said Brian Fox, managing member of Junonia Capital. "TimeSaver Food Stores met all of our criteria, and we are pleased that we have been able to make this transaction our first in the industry and look forward to more strategic acquisitions in the future."
Chicago-based NRC acted as exclusive financial advisor to the buyer in connection with the sale, and arranged sale-leaseback financing with Spirit Realty Capital Inc.