Matrix Capital Markets Group Inc. has successfully closed the sale of 12 Kwik Mart convenience stores owned by Goldsboro, N.C.-based Wooten Oil Co. The company revealed that it is leaving the industry to focus more on commercial real estate ventures.
In March of 2007, Matrix began marketing the stores through a structured sale process.Wooten Oil directly operated all 12 units.Fee simple real estate interests in 11 units and a leasehold interest in one unit were conveyed to the buyers.Nine of the stores were purchased by WilcoHess, LLC and three of the units were purchased by Sampson-Bladen Oil Co.
Wooten has now completed 80 years as a family-owned petroleum marketer in eastern North Carolina. Over the course of those 80 years, Wooten operated as an oil jobber selling to consumers, end users, homeowners and service stations and through a sister company, Coastal Transport, operated as a common carrier petroleum hauler for many years. After a transition from full-service stations to self-service stations during the 1970’s, the company opened its first full-size Kwik Mart store on Jan. 1, 1980 and has continued to market through convenience stores for the last 27 years.
“The Matrix process was very positive and included a detailed analysis of the value of assets to be sold and how the process would be achieved on an optimum and orderly basis,” said Dillon Wooten, president of Wooten. “The majority of our fine associates were able to find employment with WilcoHess and Sampson-Bladen. The transition went smoothly, and we believe that both WilcoHess and Sampson-Bladen will be very pleased with their new acquisitions which are all productive stores.”