Uni-Marts Sale Done

Deals closed as Kwik Pik, other buyers pick up sites in court-ordered selloff

Published in CSP Daily News

STATE COLLEGE, Pa. -- With the final closings on the sale of its 204 convenience stores finalized on Thursday, Uni-Marts Inc. has completed the court-ordered sale of its retail sites. As reported in CSP Daily News in October, Kwik Pik LLC, an affiliate of Lehigh Gas Corp., purchased 144 of the stores, and the remaining 60 sites were divided among 25 other purchasers.

The closing of the sale of 138 of the assets to Kwik Pik was completed on Dec. 30, 2009, with a closing on the remaining six assets on Jan. 8, 2010; 60 of the assets were sold to 25 various other purchasers and those closings occurred at various times during the period from October 30, 2009 through January 7, 2010.

Of the assets Kwik Pik purchased, 59 were company-operated locations and 85 were wholesale dealer accounts; nine of the dealer accounts included real-estate control; 53 of the assets purchased by other buyers were company-operated locations; and seven were wholesale dealer accounts. All seven of the dealer accounts included real-estate control. The Uni-Mart assets were located in Pennsylvania, New York and Ohio.

( Click here for previous coverage. And  click here for additional CSP Daily News coverage of Uni-Marts.)

Matrix Capital Markets Group Inc. announced the successful sale and closing of all of the retail convenience stores and petroleum distribution assets of Uni-Marts LLC., et al, Debtors-in-Possession in Case No. 08-11037 (MFW) of the U.S. Bankruptcy Court for the District of Delaware. The assets were sold pursuant to court orders approving the sale of the assets to various purchasers and the Second Amended Joint Plan of Liquidation of Uni-Marts LLC and its affiliated debtors dated Dec. 30, 2009.

Thomas E. Kelso, managing director and principal at Matrix, said "these closings are the culmination of a highly successful sale process which required an enormous amount of hard work on the part of the debtors, the debtors' professionals, the professionals employed by The Official Committee of Unsecured Creditors and Kwik Pik."

In addition to Matrix, the debtors were represented by the law firm of Hunton & Williams LLP and the financial consulting firm, Protiviti Inc. The Official Committee of Unsecured Creditors was represented by the law firm of Blank Rome LLP and the financial advisory firm of Mesirow Financial.

Matrix's Energy & Multi-Site Retail Group is a leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including c-store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lube retailers and distributors, terminal operators, fuels transportation companies, hospitality companies and other specialty retail chains.

Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Va. It focuses on providing merger and acquisition and financial advisory services for corporate and privately held companies, including sales and divestitures, staged liquidity transactions, management buyouts and debt and equity placements.

( Click here for additional CSP Daily News coverage of Uni-Marts.)