WORCESTER, Mass. — Nouria Energy Corp. completed an acquisition of F.L. Roberts & Inc. for an undisclosed sum. The transaction involves 26 convenience store locations with fuel, including two truck stops, 22 Golden Nozzle car washes, and a diner.
“The nearly century-old Roberts family business has established tremendous convenience store and car wash brands and created a family culture with generations of loyal employees. At this time, I want to welcome them to the Nouria organization,” said Tony El-Nemr, president and CEO of Nouria.
Worcester-based Nouria now operates 116 convenience store locations, as well as 49 car wash locations, throughout New England.
“The acquisition of F.L. Roberts comes at a time when Nouria is solidly positioned for substantial growth,” noted El-Nemr. “The acquisition enhances our business profile with added revenue diversification and profit streams backed by strong c-store operations and an industry-best car wash network.”
Added Steven Roberts, president of F.L. Roberts: "I have been the 'shepherd' of the F.L. Roberts' company assets for over 40 years and have been fortunate to lead Roberts with the help of a talented executive and advisory team adding very successful ventures in other related business spaces. Many of these ventures have become consumer favorites in our region. Selling was the most difficult challenge I have ever had to face. Matrix quickly grasped the meaningfulness of our asset mix and how to capitalize on the significant value our team had created. This was a challenge they crafted into a successful sale strategy. I am very indebted to their talented team."
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to the company, which included valuation advisory; marketing of the various divisions of the company through customized, confidential, structured sale processes; and negotiation of the transactions.
This deal marks Nouria’s second acquisition this year. As CSNews Onlline previously reported, the company in April completed an acquisition of the assets of Manchester, Maine-based J&S Oil Inc. This transaction included eight Xpress Stop convenience stores with fuel, two Express Lube auto service stations, three car wash locations, a wholesale fuel supply division and a transport logistics business.
In addition to its 116 convenience stores and 49 car washes, Nouria Energy operates a transport logistics business and supplies its company-operated locations and wholesale customers with Shell, Irving, Gulf and Sunoco branded fuels, as well as private and unbranded brands throughout New England. It was founded in 1989 by El-Nemr.
Springfield, Mass.-based F.L Roberts has retail operations in Connecticut and Massachusetts. It was founded in 1920 by Frank L. Roberts.