Monday, December 10, 2007
NRC Realty & Capital Advisors, LLC today confirmed the sale of Deweese Enterprises, Inc.
Meridian, MS - NRC Realty & Capital Advisors, LLC today confirmed the sale of the outstanding capital stock of Deweese Enterprises, Inc., of Meridian, Miss., to Fikes Wholesale, Inc. Fikes is the parent company of CEFCO Convenience Stores, a 78-store chain headquartered in Temple, Texas. NRC Realty Advisors served as financial advisor to Deweese Enterprises in the transaction.The acquisition by Fikes Wholesale includes 45 c-stores that operate under the name "Superstop!" in Mississippi and Alabama. Also included are a fuel distributorship, a fleet fueling card under the name "Fast Fuel," and Funtime Ice production.
Doug Deweese, CEO of Deweese Enterprises said he was very pleased with the transaction. "Super Stop! has served our communities for over four decades. We are very pleased to pass this family-owned business on to Fikes Wholesale, another family-owned business. NRC was vital in this transaction from helping us to find just the right buyer for our stock purchase to getting the transaction negotiated and closed."
Fikes Wholesale operates several other business entities including Cord Financial Services, a nationwide ATM provider with more than 1,200 ATMs currently in place. Other businesses include Group Petroleum Services, which operates a fleet of common carrier fuel transports, JF Air Traffic, a charter jet service based out of Temple, and Sunbelt Ice Company.
"We are extremely pleased about this acquisition and are looking forward to our future in Mississippi and Alabama. We intend on continuing the outstanding reputation and leading market presence that DEI has developed. This is a great fit for us," stated Fikes CEO, James Fikes.
Chicago-based NRC Realty Advisors is a full service real estate advisory and brokerage firm specializing in the convenience store and service station industries. According to Managing Partner Dennis Ruben, a number of other deals are in the works and are likely to be announced soon. "NRC represents both sellers and buyers, and we have extensive contacts with lenders and other investors," Ruben noted. "Right now, NRC is representing several companies in the re-capitalization of their businesses, and continues its active divestiture activities on behalf of well-known oil companies. At the same time, NRC is currently representing a significant number of companies, including international investors with substantial available capital, looking to buy or invest in properties or businesses in the petroleum/c-store market." To see a list of convenience stores for sale and gas stations for sale, click here.