All of the retail convenience stores and petroleum distribution assets of bankrupt Uni-Marts LLC have sold successfully, according to Matrix Capital Markets Group Inc.
Kwik Pik LLC, an affiliate of Lehigh Gas Corporation, purchased 144 of the assets. The sale on 138 of those 144 assets closed on Dec. 30. Kwik Pik closed on the remaining six assets on Jan. 8. In addition, 60 of the assets were sold to 25 other purchasers and those closings occurred at various times during the period from Oct. 30 to Jan. 7.
Of the assets Kwik Pik purchased, there were 59 company-operated locations and 85 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.
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.
“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,” said Thomas Kelso, managing director and principal at Matrix.
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.