CHICAGO -- Buck's Inc. has purchased 89 locations in the Chicago metropolitan area from Exxon Mobil Corp. Buck's is a large and well-established BP- and ConocoPhillips- branded jobbership and a leading regional distributor of petroleum products and services in the Midwest, serving locations in Nebraska, Iowa, Missouri and Illinois.
Bucky's Convenience Stores, based in Omaha, Neb., operates 30 locations in the Omaha and Council Bluffs, Iowa, area, 40 in the greater St. Louis area as well as one store in Kansas City.
Petroleum Capital & Real Estate LLC served [image-nocss] as the exclusive advisor to Buck's owner Steve Buchanan and helped facilitate the purchase. John C. Flippen Jr, managing director of Petroleum Capital, said that the 89 locations were financed through its exclusive arrangement with a large private-equity real-estate investment trust.
"This was a rare opportunity for Buck's Inc. to acquire a large number of premium real-estate sites in the Chicago metropolitan area, a trade area that has very high barriers to entry and was a natural fit with our client's existing retail network," Flippen said.
John Sartory, managing director and principal of Petroleum Capital & Real Estate, added, "The strong real-estate attributes, combined with the opportunity to partner with an established and professional petroleum marketing organization such as Buck's Inc., immediately attracted our private REIT [real-estate investment trust] client to this investment."
In the last two years, Washington-based Petroleum Capital & Real Estate has helped its clients close on more than $600 million in retail acquisitions and re-financing packages through senior, sale-leaseback, mezzanine and equity financing. It provides consulting, merger and acquisition and financial advisory services for small- to middle-market clients exclusively in the retail petroleum industry.
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