Maverik in Motion
Published in CSP Daily News
FJ Management acquiring majority interest in c-store chain; no changes planned for retail
OGDEN & NORTH SALT LAKE CITY, Utah -- "Maverik will continue to aggressively market its high-energy, 'Adventure's First Stop' brand that has created millions of raving fans," Mike Call, CEO of Maverik Inc., said concerning FJ Management Inc.'s announcement that it is acquiring a majority interest in the convenience retailer.
FJ Management, formerly Flying J Inc., and Maverik will operate independently with their current respective management teams. "The current management structure and leadership teams will remain in place," Brad Call, executive vice president of adventure culture at Maverik, told CSP Daily News.
He said that there will be no changes to the stores (see Related Content below for a CSPTV segment featuring Maverik, as well as other coverage).
The letter of intent signed by the parties anticipates finalizing documents and closing the transaction by early December this year.
Nearly 60 years ago, brothers Reuel and Osborne Call formed a partnership to market fuel. The partnership lasted more than a decade until Reuel purchased Osborne's ownership in the business. Jay Call, Osborne's son, then founded Flying J Inc. After 44 years of operating independently, the Osborne and Reuel Call families are once again joining forces in the oil refining, fuel distribution and convenience retailing businesses.
Crystal Call Maggelet, daughter of Jay Call, and Mike and Brad Call, descendants of Val and Larry Call and grandsons of Reuel Call, will join together in a renewed family partnership. Together, they expect this combination to deliver unique synergies in the marketplace, further the growth of Maverik stores and create jobs throughout the Intermountain West.
"Some of the Call shareholders will leave and another Call will step in," Brad Call said.
And although FJ Management still holds an interest in Knoxville, Tenn.-based truckstop and travel center company Pilot Flying J, "this deal has no relation to Pilot," he added.
After filing for Chapter 11 bankruptcy protection in December 2008, Flying J pursued restructuring activities, including the sale in mid-2009 of its Longhorn Partners Pipeline LP subsidiary to Magellan Midstream Partners, Tulsa, Okla., and the completion of a merger of the company's retail operations with Pilot Travel Centers, Knoxville, Tenn., in June 2010. It also sold some additional convenience stores to Moyle Petroleum Inc., Rapid City, S.D.
Flying J then changed its name to FJ Management.
Based in Ogden, Utah, FJ Management is a diversified holding company with interests in petroleum refining, marketing and trading through its Big West Oil subsidiary; Pilot Flying J travel centers; EFS, a transportation credit processing business; and TAB Bank, serving the commercial finance needs of small and medium businesses from coast to coast.
North Salt Lake City, Utah-based Maverik--an outdoor-adventure branded convenience store and gas station chain--has nearly 250 stores in 10 states to become the largest independent fuel marketer in the Intermountain West.