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12/23/2021

​Jack's Convenience Stores Finds New Owners

Of the eight locations, two feature Jack's Grub N Stuff proprietary foodservice offerings and five have car washes.
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Jack's Convenience Stores

MIDLAND, Texas — Penta Operating LLC has officially changed hands.

As part of the deal, an affiliate of Monfort Cos. is picking up eight Jack's Convenience Stores, one Jack's Lube & Wash oil change, and one car wash. The stores are located in west Texas, including Midland, San Angelo and Abilene. Four stores offer Exxon-branded fuel, while four sell Jack's branded fuel.

Penta Operating was founded by Frank Ligon in the early 1970's when he founded the Frank Ligon Oil Co. In 2001, Ligon's daughter and son-in-law, Monica and Tyler Wolfe, purchased the business.

In 2014, Penta Operating LLC was formed and four former Town & Country Food Stores' executives  consisting of Alvin New, Devin Bates, Randy Brooks and Robert Eggleston  invested in the company alongside the Wolfes. The portfolio of stores is a combination of assets acquired from ExxonMobil and new-to-industry locations, with four of the sites having been constructed since 2013.

Jack's sites are comprised of high-quality, larger format retail stores and five of the locations feature car washes, including two tunnel washes. Two locations feature the proprietary Jack's Grub N Stuff foodservice offerings, including breakfast burritos and biscuits, sandwiches, pizza, and freshly prepared salads.

Additionally, tenant-operated foodservice offerings are featured at two sites, consisting of Which Wich Superior Sandwiches and Chuck & Patty's, a local fast casual restaurant concept offering hamburgers, frozen treats and beer on tap.       

Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Jack's, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, CFA and co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; Director David Corbett, CFA; John Mickelinc, CFA and associate; and Alex Harper, analyst. 

"We made a great decision when we selected Matrix to be our sell-side advisor for this transaction. This was an emotional transaction for our entire team and Matrix was by our side guiding us the entire way," commented Tyler Wolfe, co-operating partner of Penta Operating. "Cedric, David and the whole Matrix team are second to none for their professionalism, industry knowledge, attention to detail and their tireless work ethic.  We have to also commend Matrix for connecting us with Monfort Cos., who is a great fit for all of our outstanding transferring team members and will be a great steward to carry on the legacy of the Jack's brand as they continue to expand."

Greg Samuel, Brent Beckert and Rachael Williams from Haynes & Boone, LLP served as legal counsel for Penta Operating LLC.

"Tyler, Robert and the rest of the Jack's team should be very proud of the quality and consistency of the facilities and service offerings that the company provides its customers," Fortemps commented. "We very much appreciate the trust Penta's owners placed in us to advise them on the sale of the incredible business they built and are happy for them on the successful outcome."

Colorado-based Monfort Cos. is actively expanding its footprint across the United States to include Colorado, the Midwest, Texas and the Southeast.