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FRAMINGHAM, Mass. -- New owners are taking the deeds to 29 Cumberland Farms retail assets. The assets are being bought by multiple buyers, including regional jobbers, individual store buyers and individual store operators.
According to Matrix Capital Markets Group, the sales of 23 stores have closed and the remaining six are under contract with closings expected over the next month. Cumberland Farms owned all the sites, which were operated by independent operators. The retail chain also supplied fuel to 28 of the convenience stores. Matrix Capital Markets Group provided merger and acquisition advisory services to Cumberland Farms.
Cumberland Farms brought the properties to market in order to redeploy capital to its remaining and new-to-industry company-operated stores. In total, the locally based company has more than 500 convenience stores in 10 states throughout the Northeast and Florida.
"It was a pleasure to work with the professionals at Matrix on these transactions," said Joe Petrowski, CEO of Cumberland Gulf Group of Companies. "The repositioning of capital within our market area is an important part of our strategy to acquire new sites, renovate existing sites, and own and operate sites consistent with our brand identity."
On Matrix's end, the team handling the transactions consisted of Tom Kelso, managing director and head of Matrix Energy and Multi-Site Retail Group; Cedric Fortemps, senior vice president; Vance Saunders, associate; and Sean Dooley, senior analyst.
"We are extremely pleased to have advised Cumberland on the monetization of a significant amount of non-core assets," Kelso said. "We know that the proceeds derived from these transactions will be redeployed in a manner that provides a higher return on capital than they would have generated from continuing to own these assets. It was a pleasure working with the entire Cumberland team and we appreciate them engaging Matrix to maximize the value of these stores."