MAS Capital LLC successfully closed on the acquisition of a portion of the gasoline service station and convenience store network formerly owned and/or controlled by Circle K Stores Inc., in the southeast region of the United States. The acquisition includes twenty-five (25) Circle K, Kangaroo Express or Flash Food branded retail sites that are located in the states of Georgia, Tennessee and South Carolina. The entire network is company operated and MAS will convert the pre-closing motor fuel offering to the Chevron brand. Petroleum Capital and Real Estate, LLC, (PetroCapRE) acted as the exclusive financial advisor to MAS.
MAS was established in 2021 by the principals of Gas Express, LLC (“GX”) and Synergy Capital Investments (“Synergy”) to facilitate the acquisition and smooth transition of the twenty-five (25) retail sites from Circle K Stores Inc., to the newly formed company. GX was established in Atlanta, GA., in 2002, by its principals, Amin Chitalwala and Shams Nanji, and is the largest Circle K franchisee in the United States and a Citgo, ExxonMobil and ChevronTexaco branded wholesaler. GX currently operates approximately 135 locations in Georgia, Alabama, Arkansas, Louisiana, Tennessee and South Carolina. Synergy, controlled by Malik Karimi, is a private equity firm based in Atlanta, GA that specializes in investing in small to mid-market businesses with extensive experience in the convenience and gas station (“C&G”) industry.
“We would like to thank everyone involved in the transaction, the GX team, Synergy and especially PetroCapRE for guiding us through the myriad of complexities needed to complete this acquisition,” said Amin Chitalwala.
PetroCapRE exclusively represented MAS and provided professional assistance in the initial competitive bidding and financial due diligence process, acquisition modeling, contract negotiations and procurement of the capital required to close the overall transaction. “We are excited that our firm could support MAS throughout this transaction process” said John Flippen, Managing Director and principal of PetroCapRE. “This was a great opportunity for our Client to acquire a large number of locations within GX’s current retail footprint that complements its existing network of locations.”
