Matrix Capital Markets Group announced the successful closing on the sale of eight stores owned by Stop-a-Sec and Seck Enterprises of Luck, WI to TravelCenters of America. All eight of the sites were owned in fee. The stores are located in Western Wisconsin and serve the communities of Balsam Lake, Cushing, Grantsburg, Luck, Osceola, Minong, Webster and Woodville, WI.
Stop-a-Sec was founded in 1989 by Ed and Jody Seck with just one store in Luck, WI. The Secks grew the business through a combination of new builds and acquisitions to the eight stores being sold to TravelCenters of America. The eight stores have operated as Holiday franchised stores and have provided high quality fuel and a full range of convenience store items to the communities they serve.
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. The transaction was co-managed by Spencer Cavalier, managing director and John Underwood, director. Andrew LoPresti, associate also advised on the transaction.
Ed Seck, president of Stop-a-Sec and Seck Enterprises, said, “Matrix did a great job in leading the sales process, maximizing value for our stores and working with our legal counsel to negotiate the transaction. We are pleased that TA will be retaining our existing employees.”
Underwood commented, “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.”