Jump Oil Jumping Out of the C-store Business
JEFFERSON, Mo. -- Jump Oil Co. Inc., a convenience store operator and petroleum marketing company headquartered in Jefferson City, Mo., is selling its chain of 47 gas stations and convenience stores and one other retail location in accordance with its Chapter 11 bankruptcy case.
Jump Oil is a Phillips 66 and Shell jobber. Twenty-four of its stores currently sell Conoco or Phillips 66 branded motor fuels, five sell Shell branded motor fuels and one currently sells Sinclair branded motor fuels. As part of the structured sale to be managed by Matrix Capital Group Inc., the company is also offering the sale of its related dealer leases and fuel supply agreements, and five unimproved parcels of commercial real estate.
According to Jump Oil's acquisition profile, 41 of the stores are owned, while seven are leased from third-party landlords. Thirty of the stores are currently operated by dealers who pay rent to the company and purchase fuel from Jump Oil at a specified markup over rack price. The dealer agreements can potentially be terminated by Jump Oil at the time of closing if the buyer or buyers wish to company-operate those locations. On the other hand, the agreements may be assigned if the buyer or buyers wishes to continue to lease the sites to the dealers and supply fuel to the locations, according to Matrix Capital.
Seventeen of Jump Oil’s stores are currently closed, but can be reopened by the buyer or buyers or sold as alternate use real estate. One site is currently leased to a tenant that operates a TitleMax retail location.
Bids are due May 17 and may be submitted for individual assets, multiple assets or all of the assets. The assets are being sold free and clear of all liens, claim and encumbrances. Interested parties can find out more information on the Matrix Capital Group website by clicking here.