Wednesday, December 5, 2018
NRC ANNOUNCES THE SALE OF CARLS OIL COMPANY, INC. TO CIRCLE K STORES INC.
Source: NRC Press Release
NRC Realty & Capital Advisors, LLC (NRC) announced today the closing of the sale of all of the assets of Carls Oil Company, Inc. and certain of its affiliates (the Company) to an affiliate of Circle K Stores Inc. The Company, which is headquartered in Hinckley, Illinois, owns and operates four convenience stores and gasoline stations and supplies fuel only to one additional location. All of the stores and the supply only location are located in northern Illinois on the western outskirts of the Chicago metropolitan area.
The Company, a third generation family-owned business, was founded in 1947 and began as a bulk fuel service for farm and fuel oil customers with fuel branded Cities Service. Currently, the Company’s stores sell Marathon-branded fuel. All of the stores are standard convenience retail stores and gasoline stations offering a wide variety of products, while the Corral Marathon location also includes a car wash facility, a self- storage facility and a third-party operated quick lube business.
Randy Carls of Carls Oil Company, Inc., stated: “My family worked tirelessly to create a group of world-class convenience stores which would be the pride of the communities in which they are located, and we believe that we have accomplished that. Consequently, we are extremely pleased that the high standards we have established will be carried on by our buyer, Circle K. Our stores could not have wound up in better hands.”
Carls also said: “We are extremely grateful to the professional team at NRC Realty & Capital Advisors for their representation of us in the sale process. They helped us navigate all aspects of the transaction and provided critical assistance and innovative solutions in helping us get to the finish line in a very short period of time.”
The transaction was managed on behalf of the Company by Dennis Ruben, Executive Managing Director, and Ian Walker, Senior Vice President.