Matrix Announces Jacksons Food Stores’ Successful Acquisition of 62 Speedway & 7-Eleven Stores
Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Jacksons Food Stores, Inc. (“Jacksons” or the “Company”) on the acquisition of 62 Speedway and 7-Eleven convenience stores with fuels in California, Arizona and Nevada from 7-Eleven, Inc. The closing on the final store included in the transaction occurred October 4, 2021. The stores acquired were among the 293 locations that 7-Eleven, Inc. is divesting to satisfy an agreement with the Federal Trade Commission (FTC) as part of its recent acquisition of Speedway LLC from Marathon Petroleum Corp.
The Meridian, Idaho-based family of Jackson companies (“Companies”) own, operate and supply more than 1,340 stores across nine western states. The Companies are vertically integrated, with fuel supplied by Jacksons Energy, full-line grocery and supplies distributed through Capitol Distributing and fresh food products supplied through Capitol Kitchens.
The acquisition is part of the Company’s continued focus on growth and expansion into additional markets across the Western U.S. and will give Jacksons 58 stores in attractive California markets, where it previously had little to no presence. Many of the acquired stores will operate under two of the Company’s well-known brands, Jacksons Food Stores and ExtraMile.
“We are excited to serve customers in new markets with our clean, fast and friendly approach,” said Cory Jackson, President of Jacksons Food Stores. “As a food forward retailer, we are focused on providing customers with the service, products, and convenience they need – when, where and how they want it. As an example, we recently launched Jacksons delivery across all markets with quick delivery windows to serve customers when they can’t visit our stores.”
John Jackson, Founder and CEO of Jacksons Food Stores said, “Today we build on this legacy by adding more talented associates and great locations to the Jackson family of companies to broaden who we serve and how we serve them. Matrix assisted us in the transaction by providing invaluable advice, analysis and projections through the use of multi-level models and key guidance on strategy.”
Matrix provided buy-side merger and acquisition advisory services to Jacksons, which included advising on valuation, deal structure, financing and other transaction terms. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, David Corbett, Director, and Martin McElroy, Senior Associate.
Mr. Fortemps commented, “We thoroughly enjoyed working with the Jackson family and the rest of the executive team on this transformational transaction for the Company. Jacksons’ best-in-class operation will benefit the employees and customers of these stores, as well as the communities they serve.”
About Jacksons Food Stores
Since John D. Jackson founded Jacksons in 1975 as a single service station, the Idaho-headquartered company has grown to be a nationally recognized chain of more than 360 company-operated stores in Idaho, Nevada, Oregon, Washington, Arizona, Utah and California under the Jacksons Food Stores and ExtraMile by Jacksons convenience store brands.
About Jacksons Energy
Jacksons Energy is a wholesale and transportation company delivering fuel to over 1,275 branded and unbranded retail locations in nine Western States.
About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group
Matrix’s Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals and car washes. Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 250 engagements with a total transaction value of more than $12 billion.
About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and Chicago, IL. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions. Matrix serves clients in a wide range of industries, including automotive aftermarket, building products, business services, consumer products, convenience retail, downstream energy, healthcare and industrial products. For additional information or to contact our team members, please visit www.matrixcmg.com.