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RICHMOND, Va. -- MAPCO Express, a division of Delek US Holdings Inc., sold 24 of its East Coast branded convenience stores as of March 31, with the assistance of Matrix Capital Markets Group. Martrix announced the sale yesterday in a news release.
All of the East Coast branded stores, which MAPCO acquired in 2001, are company operated and located in central and eastern Virginia. Matrix said it was engaged by MAPCO to structure and manage a confidential, competitive sale process.
That process resulted in the sale of 10 stores to large regional convenience store chain WilcoHess, while the remaining stores were sold to various other parties.
"We are very pleased to have advised MAPCO on this transaction, which resulted in the successful sale of most of their Virginia-based retail locations," stated Tom Kelso, managing director and head of Matrix’s Energy & Multi-Site Retail Team.
As CSNews Online reported in early March, Delek said it intended to exit the Virginia market as part of an ongoing strategy to focus investment in core growth markets. The announcement came as the company reported its fourth-quarter and full-year 2008 financial results. During the fourth quarter, the chain’s Virginia operations were reclassified as "discontinued operations," and the assets and liabilities associated with the remaining stores were reflected as "held for sale" for all periods.
Delek US, based in Brentwood, Tenn., operates more than 450 convenience stores under the MAPCO Express, MAPCO Mart, East Coast, Discount Food Mart, Fast Food and Fuel, and Favorite Markets brand names. Stores are located primarily in and around Memphis, Chattanooga and Nashville, Tenn., as well as northern Georgia and northern Alabama.
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