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BALTIMORE, Md. -- Kwik Pik LLC, an affiliate of Lehigh Gas Corp., along with other parties, were named the winning bidders in the bankruptcy auction of Uni-Marts' assets, according to a statement by Matrix Capital Markets Group, the firm that managed the auction.
"We are extremely pleased to have the opportunity to work with the debtor to deliver maximum value for the assets to Uni-Marts' creditors," Tom Kelso, managing director and principal of Matrix, said in a statement. "We developed and executed a customized sales process that covered over 200 assets across three states that was successful in selling every asset and providing a very substantial return to the creditors."
The assets received a total bid of $19.6 million, plus assumption of certain debtor's liabilities. The auction, held in Wilmington, Del., Sept. 23, lasted nearly 15 hours with more than 200 participating bidders, according to Matrix.
Kwik Pik's court-approved stalking horse bid established a $16.7 million purchase price for 207 Uni-Marts convenience store assets, of which $10 million was for assets in Ohio and $6.7 million was for assets in Pennsylvania and New York. The final purchase price for the assets totaled $19.6 million and represents a 17 percent improvement to the stalking horse bid, Matrix stated.
Kwik Pik won the auction for the Ohio assets, while Kwik Pik and 25 other successful bidders combined to increase the bid for Pennsylvania assets to $9.6 million, a 43-percent increase, Matrix stated.
The sales are subject to the approval by the U.S. Bankruptcy Court and are expected to close during the middle of November.
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