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ELK POINT, S.D. -- Old Mill General Store, an independent convenience store located almost 25 miles northwest of Sioux City, was sold to Casey's General Stores Inc., operator of more than 1,400 convenience stores in the Midwest, through GW Equity, a middle market merger and acquisition firm.
"I've been in the store for 30 years; I was ready for a career change," Old Mill General owner Joyce Bortscheller told CSNews Online. She is now handling her own interior decorating and landscaping venture, which serves a community of 2,000.
"Interior decorating [is something] I've always had a passion for," she added.
The Old Mill General Store began in September 1977. Bortscheller was selling real estate when the property came up for sale. "I bought it, and started out as a liquor store, expanded and added gas. As the trends changed, I changed with them," she said.
The independent operator became a GW Equity client in winter 2005, when it approached the company for assistance on the sale, said GW Equity managing director John Poythress. GW Equity performed due diligence and put together an offering for the Old Mill General Store.
There were several interested parties, but Casey's offered the most for the store, according to Bortscheller. "They were a very nice company to deal with," she noted.
Along with Poythress, GW Equity's Mike Murzyn, Art Berry and Lori Galloway led the negotiations on behalf of the client.