• Corporate Finance Transactions

BGL Completes the Sale of EZ Energy Ltd.’s U.S. Gas Station and Convenience Stores to 7-Eleven Inc.

November 06 2012

Cleveland | Brown Gibbons Lang & Company (BGL) today announced the sale of EZ Energy USA Inc. (EZ Energy) to convenience store giant 7-Eleven Inc. (7-Eleven). EZ Energy USA is the U.S. operation of Israel-based EZ Energy Ltd., which is traded on the Tel Aviv stock exchange under the ticker TASE:EZ. The all-cash transaction was valued at $64 million.

Based in Seven Hills, Ohio, EZ Energy is an operator of convenience stores and retail fuel outlets (“c-stores”) in the Midwest United States. In 2007, the company launched an aggressive acquisition-driven consolidation strategy in the highly-fragmented c-store industry, growing to 91 stores and dealer locations in Central Ohio, Northeastern Ohio, and Western Pennsylvania. EZ Energy’s c-stores are branded under its proprietary “Easy Trip” brand as well as the “ampm” brand, and distribute BP and Marathon fuels.

“The transaction is an attractive outcome for our shareholders and employees and we believe EZ Energy represents a strong strategic fit with 7-Eleven as 7-Eleven continues to build its footprint in the Midwest,” said Gregg Budoi, CEO of EZ Energy. “BGL worked tirelessly throughout the transaction process and we are pleased with the result for our shareholders.”

“After conducting a strategic review of the business and market dynamics, which included examining a range of recapitalization alternatives, we determined that a sale of the U.S. operations to 7-Eleven was the most attractive outcome for the company and its stakeholders,” said Andrew Petryk, a managing director at BGL. “EZ Energy’s footprint and prime Midwest locations are a great strategic fit for 7-Eleven, which has been very acquisitive in the marketplace. The acquisition will immediately expand 7-Eleven’s presence in the Cleveland and Pittsburgh areas.”

Andrew Petryk and Kevin Sargent led the BGL transaction team. Baker & Hostetler LLP served as EZ Energy’s legal counsel.

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Related industry: Consumer & Retail
Related service: Mergers & Acquisitions
Related pages: Andrew K. Petryk, Consumer & Retail, Kevin H. Sargent

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