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Small West Texas Chains Sold as Year Winds Down

Small West Texas Chains Sold as Year Winds Down

Expectations suggested that many small c-store chains or jobbers would forge
sales deals before 2021 ends, and those expectations are being met. Today,
Matrix Capital Markets Group -- one of the most active advisement firms in
petroleum M&A -- announced that eight c-stores and one Lube & Wash owned by
Penta Operating have been sold to an affiliate of Monfort Companies.

The stores are located in the west Texas markets of Midland, San Angelo and
Abilene. Four of the properties fly the Exxon flag while four sell under the
private "Jack's Convenience Store" moniker.

No price was disclosed, but the stores are said to be high-quality,
larger-format retail stores with five properties featuring car washes.

Monfort Companies has been and is involved in various commercial real estate
ventures in urban and rural communities. The firm operates an owns convenience
stores in an expanding geographic footprint that includes Colorado, the
Midwest, Texas and the Southeast.

--Reporting by Tom Kloza,; Editing by Michael Kelly,

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