U-Stop Convenience Shops Picks Up 11 Stores
LINCOLN, Neb. — Shop Quik Convenience Stores has a new owner.
The Manhattan, Kan.-based c-store retailer sold its chain of 11 company-operated locations to U-Stop Convenience Shops, headquartered in Lincoln. The deal will enhance U-Stop's presence in Kansas, particularly in Manhattan and Junction City.
Shop Quik Convenience Stores was started in 1981 when Greg and Pat Junghans opened their first liquor store in Junction City. Their first c-store followed in 1983. Over the years, the company grew to a total of 20 c-stores before consolidating operations to 11 locations.
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Upon their departure from convenience retailing, Greg and Pat Junghans stated they have enjoyed the business and watching the changes that have occurred during their tenure, and know the c-store business is going to continue in the future to be a viable business.
After meeting Mark Whitehead, owner of U-Stop Convenience Shops, they said they knew he would be the right person to take the Shop Quik chain to the next level.
U-Stop Convenience Shop began when Bus Whitehead founded Whitehead Oil Co. in 1959 after purchasing the Phillips 66 Direct Operation in Lincoln. Sixty years later, Whitehead Oil comprises 40 U-Stop convenience store locations in Lincoln and Kansas, bringing Top Tier fuel and lubricants though the continued partnership with Phillips 66.
American Business Brokers & Advisors provided merger-and-acquisition advisory services to Shop Quik, which included valuation advisory, marketing the business through a confidential process and negotiation of the transaction. The transaction was managed by Terry Monroe, president.
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Since 1999, Fort Myers, Fla.-based American Business Brokers & Advisors works intimately with business owners in assisting them to determine the full value of their operations with a hands-on review of the business to ensure nothing is left to chance. Since its founding, American Business Brokers & Advisors has successfully completed hundreds of transactions with a total value of more than $1billion.