The Store Convenience Stores Sold to a REIT
STEVENS POINT, Wis. — Team Schierl Cos. sold the buildings and properties associated with its The Store convenience store chain to a real estate investment trust (REIT). The company will continue to operate the 26 c-stores, which are located in Wisconsin and the upper peninsula of Michigan.
Kathy Ostrowski, a marketing and community engagement specialist for Team Schierl Cos., confirmed to the Stevens Point Journal the company was approached by a REIT that was interested in acquiring The Store properties.
A REIT is a company that owns real estate or related assets that produce income and must return much of its profits to shareholders. REITs often own office buildings, shopping malls, apartments, hotels and self-storage facilities.
According to the news source, Team Schierl Cos. still owns all The Store equipment, fixtures and inventory and will continue operating the stores. The sale does not impact employment at any of The Store locations.
"Team Schierl Cos. is not for sale and continues to operate with an entrepreneurial spirit," Ostrowski told the news outlet.
John "Butch" Schierl established Stevens Point-based Team Schierl Cos. in 1956 when he entered the home heating oil business. It is currently owned and operated by his three sons, Tim, Fritz, and Bill Schierl. Overall, Team Schierl operates 63 retail businesses and a spirits brand in Wisconsin and Upper Michigan, including The Store chain.
Team Schierl employs 600 associates between The Store, Subway, Schierl and Hartje Tire & Service Centers, as well as team administration.
As Convenience Store News reported, there has been a flurry of merger and acquisition activity to date in 2022. Jones County, Miss.-based Laurel Oil LLC d/b/a Rapid Express, sold its convenience store and Shell-branded distribution assets to Clark Oil Co. Inc. of Waynesboro, Miss.
Westlake, Ohio-based TravelCenters of America Inc. (TA) also recently wrapped up some M&A activity. In April, it completed the acquisition of two travel centers for $45 million. The Petro Raphine and TA Lexington travel centers, located along the Interstate 81 corridor in Virginia, have been TA franchise locations since 2011.
Other c-stores are also changing hands. Vernon, Ala.-based Midstates Petroleum Co. picked up a location from MAPCO in Northport, Ala. According to the Patch.com, Midstates Petroleum confirmed it will rebrand the location when MAPCO finishes out its lease.
In addition, Royce Groff Oil Co. and affiliates announced the sale of its Valley Mart c-store operations, as well as its branded distribution and commercial fuel assets, to Austin-based Texas Enterprises Inc. (TEI).
On a larger scale, according to a report by The Wall Street Journal, Alimentation Couche-Tard Inc. and EG Group are exploring a possible merger. The two international retailers have traded proposals in recent weeks that would put EG's value around $16 billion, the news outlet added.
EG Group began putting the pieces of EG America together when it acquired Cincinnati-based The Kroger Co.'s convenience store network in 2018. The $2.15-billion transaction marked the company's entry into the U.S. market, giving it a base of 762 c-stores operating in 18 states under Turkey Hill, Loaf 'N Jug, Kwik Shop, Tom Thumb and Quik Stop banners, as Convenience Store News previously reported.