STEVENS POINT, Wis. — Team Schierl Cos. sold the buildings and properties associated with its convenience store chain The Store to a real estate investment trust (REIT). The company will continue to operate the 26 convenience stores located in Wisconsin and Michigan’s Upper Peninsula.
Kathy Ostrowski, marketing and community engagement specialist for Team Schierl Cos., confirmed to the Stevens Point Log the company was approached by a REIT that wanted to acquire the properties of The Store.
A REIT is a corporation that owns real estate or related assets that produce income and must return a large portion of its profits to shareholders. REITs often own office buildings, shopping malls, apartments, hotels and self-storage facilities.
According to the news source, Team Schierl Cos. still owns all of The Store’s equipment, fixtures and inventory and will continue to operate the stores. The sale has no impact on employment at any of The Store stores.
“The Schierl Cos team. is not for sale and continues to operate with an entrepreneurial spirit,“ Ostrowski told the outlet.
John “Butch” Schierl created the Schierl Cos team. based in Stevens Point in 1956 when it entered the heating oil business. It is currently owned and operated by his three sons, Tim, Fritz and Bill Schierl. Overall, Team Schierl operates 63 retail locations and one liquor brand in Wisconsin and Upper Michigan, including The Store chain.
The Schierl team employs 600 people between The Store, Subway, Schierl and Hartje Tire & Service Centers, as well as team administration.
Like Convenience store news reported, there has been a flurry of merger and acquisition activity so far in 2022. Based in Jones County, Miss.
TravelCenters of America Inc. (TA), based in Westlake, Ohio, also recently completed some M&A activity. In April, it completed the acquisition of two travel centers for $45 million. Petro Raphine and TA Lexington Travel Centers, located along the Interstate 81 corridor in Virginia, have been TA franchises since 2011.
Other convenience stores are also changing hands. Midstates Petroleum Co., based in Vernon, Alabama, took a location from MAPCO in Northport, Ala. According to Patch.comMidstates Petroleum has confirmed that it will rename the location when MAPCO completes its lease.
Additionally, Royce Groff Oil Co. and its affiliates announced the sale of its Valley Mart convenience store business, as well as its distribution and branded commercial fuel assets, to Austin-based Texas Enterprises Inc. (TEI). .
On a larger scale, according to a report by The Wall Street Journal, Alimentation Couche-Tard Inc. and Groupe EG are exploring a possible merger. The two international retailers have exchanged proposals in recent weeks that would put EG’s value at around $16 billion, the outlet added.
EG Group began assembling EG America’s parts when it acquired the Cincinnati-based company The Kroger Company convenience store network in 2018. The $2.15 billion transaction marked the company’s entry into the U.S. market, giving it a base of 762 convenience stores operating in 18 states under Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop banners, like Convenience store news Previously reported.