WESTLAKE, Ohio – With the announcement that TravelCenters of America LLC has closed on the purchase, announced earlier this month, of all eight convenience stores owned by Stop-a-Sec Inc. and Seck Enterprises Inc. of Luck, Wis., the chain’s owners are exiting the convenience-store industry.
The stores are located in western Wisconsin and serve the communities of Balsam Lake, Cushing, Grantsburg, Luck, Osceola, Minong, Webster and Woodville. All eight of the sites were owned in fee.
The eight c-stores have operated as Holiday franchised stores and have provided fuel and a full range of convenience items to the communities they serve.
TravelCenters of America has begun to operate all of the stores. It said it expects to rebranded the Stop-A-Sec locations to its Minit Mart convenience-store brand and that they will undergo improvements in the coming months. The company is rebranding all of its c-stores to Minit Mart, including the locations at its travel centers.
The deal is part of a previously announced series of transactions that the company is closing through the end of the year.
During the company’s second-quarter 2015 earnings call, CEO Thomas O’Brien said the company has agreed to acquire 123 additional convenience stores for about $230 million in six separate transactions.
Stop-a-Sec was founded in 1989 by Ed and Jody Seck with one store in Luck. They grew the business through a combination of new builds and acquisitions.
"We are pleased that TA will be retaining our existing employees," Ed Seck, president of Stop-a-Sec and Seck Enterprises, said. “Along with our daughters, Shannon and Jennifer, we have operated our stores as a family business for 26 years and will truly miss the convenience-store industry. It was not an easy decision to sell; however, we are confident that our employees and customers are in good hands and look forward to seeing positive changes for them all. We appreciate each and every employee and customer.”
“It was a real pleasure to work with Ed and Jody and the Stop-a-Sec family. They have built a very strong family business and it was a privilege to work with them on the sale of their stores," John Underwood, a director for Matrix Capital Markets Group Inc., Richmond, Va.
Matrix provided merger and acquisition advisory services to Stop-a-Sec and Seck Enterprises, which included valuation advisory, marketing of the company through a customized, confidential, structured sale process and negotiation of the transaction.
Winthrop & Weinstine, Minneapolis, served as legal counsel to Stop-a-Sec.
Based in Westlake, Ohio, TravelCenters of America is a leading travel center business in 43 states and Canada. With 252 full-service locations off interstate highway exits, TA and Petro Stopping Centers offer customers diesel and gasoline fueling services, more than 500 full-service and quick-service restaurants (QSRs), 24-hour convenience stores, heavy-truck maintenance services, RoadSquad Connect emergency roadside service, Reserve-It truck parking reservations and many other services, all within large, high-traffic facilities.
The company also operates gas stations and convenience stores under the Minit Mart brand in seven states.
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