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03/01/2022

Gas Express Forms New Company, Acquires 25 Southeast C-stores

Locations formerly owned by Circle K Stores Inc. will be converted to the Chevron banner.
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ATLANTA — MAS Capital LLC, a new company established by the principals of Gas Express LLC (GX) and Synergy Capital Investments, has successfully closed on its acquisition of a portion of the gasoline service station and convenience store network formerly owned and/or controlled by Circle K Stores Inc. in the southeast region of the United States.

The acquisition includes 25 Circle K, Kangaroo Express or Flash Food branded retail sites that are located in Georgia, Tennessee and South Carolina. The entire network is company operated and MAS Capital will convert the pre-closing motor fuel offering to the Chevron brand.

GX was established in Atlanta in 2002 by principals Amin Chitalwala and Shams Nanji, and is the largest Circle K franchisee in the United States and a CITGO, ExxonMobil and ChevronTexaco branded wholesaler. GX currently operates approximately 135 locations in Georgia, Alabama, Arkansas, Louisiana, Tennessee and South Carolina.

Atlanta-based Synergy, controlled by Malik Karimi, is a private equity firm based in Atlanta that specializes in investing in small to mid-market businesses with extensive experience in the convenience and gas station industry.

Petroleum Capital and Real Estate LLC (PetroCapRE) acted as the exclusive financial advisor to MAS Capital LLC.

"We would like to thank everyone involved in the transaction, the GX team, Synergy and especially PetroCapRE for guiding us through the myriad of complexities needed to complete this acquisition," said Chitalwala.

PetroCapRE provided professional assistance in the initial competitive bidding and financial due diligence process, acquisition modeling, contract negotiations and procurement of the capital required to close the overall transaction.

"We are excited that our firm could support MAS Capital throughout this transaction process," said John Flippen, managing director and principal of PetroCapRE. "This was a great opportunity for our client to acquire a large number of locations within GX's current retail footprint that complements its existing network of locations.

Laval, Quebec-based Couche-Tard operates in 26 countries and territories, with close to 14,200 stores. Its banners include Couche-Tard and Circle K.