Matrix Capital Markets Group, an independent investment bank, advised Circle K Stores on the sale of 48 petroleum marketing and convenience retail stores to Casey’s General Stores. The stores are all Circle K branded and located in Oklahoma, mostly in the greater Oklahoma City market, and sell Conoco, Phillips 66, Shell, Valero and Circle K branded fuels. Circle K Stores are owned by the global convenience and fuel retailer Alimentation Couche-Tard.

Matrix provided merger and acquisition advisory services to Circle K, including valuation advisory, marketing the business through a confidential and structured sale process and the negotiation of the transaction. Cedric Fortemps, co-head of Matrix’s downstream energy and convenience retail investment banking group, managed the transaction along with John Duni, a vice president at Matrix, and John Mickelinc, an associate at Matrix.

“We’re very pleased to have advised Circle K on their sale process,” Fortemps said. “This transaction was a win-win, as Casey’s acquisition of the stores will allow them to increase their presence in the Oklahoma City market, and it was very important to them to retain the vast majority of the employees, which was also important to Circle K.”