EL DORADO, AR: Murphy USA Inc. will acquire QuickChek Corp. for $645 million in an all-cash transaction. The purchase price includes expected tax benefits valued at $20 million for a net after-tax purchase price of $625 million, the company reported.
The deal is being financed with a combination of cash on hand, existing credit facilities and new debt. Murphy USA obtained committed financing from the Royal Bank of Canada.
Founded as an extension of Durling Farms in 1967, Whitehouse Station, N.J.-based QuickChek is a family-owned convenience store chain that operates 157 locations in New Jersey, New York’s Hudson Valley and Long Island. It is known for its high-quality food and beverage program with a strong regional brand and customer following, and a high-volume fuel offer that is offered at 89 of its newest stores.
QuickChek has per-year merchandise sales of $3.5 million; combined merchandise margins of 38 percent, with food and beverage representing more than 50 percent of the mix; and 3.8 million fuel gallons per store per year. It also has a history of same-store sales growth and a rich real estate pipeline through which it can sustain unit growth within its existing footprint, according to the announcement.
“The transaction is also expected to create direct synergies that leverage our enterprise scale and our distinctive capabilities in fuel, tobacco and loyalty,” he added. “We are excited to join forces with an exceptional and highly engaged team at QuickChek who share Murphy USA’s passion for delivering excellence every day to all our stakeholders.”
The transaction is expected to close during the first quarter of 2021, subject to customary closing conditions and regulatory approval.
“QuickChek and Murphy USA both reflect a family heritage and a strong people culture,” said QuickChek CEO and Chairman Dean Durling. “I am thrilled by Murphy USA’s commitment to honor our legacy and preserve our brand while learning from our business model. I am proud of what we have accomplished in making QuickChek what it is today and I am excited about the opportunities for continued growth and success in the next chapter in QuickChek’s journey. I know QuickChek’s dedicated employees and valued customers remain in good hands.”
El Dorado, Ark.-based Murphy USA operates nearly 1,500 sites located primarily in the Southwest, Southeast and Midwest United States. The company and its team of nearly 10,000 employees serve an estimated 1.7 million customers each day through its network of retail gasoline stations in 25 states. The majority of Murphy USA’s sites are located in close proximity to Walmart stores. The company also markets gasoline and other products at standalone stores under the Murphy Express brand.
“In October we outlined an updated capital allocation strategy and committed to improving our food and beverage offer at existing and future sites,” said Murphy USA President and CEO Andrew Clyde. “This transaction greatly accelerates those efforts and benefits, and is expected to provide reverse synergies across our network, while enhancing future returns on new stores.
Click HERE for Original Story (Convenience Store News): https://csnews.com/murphy-usa-inks-agreement-acquire-quickchek-645-million
Good no more quick cheks
Michael Anthony Santucci read the article nothing is changing
Michael Anthony Santucci they’re not being liquidated
James Metzler should be a rule to click something to show you’ve actually read the article before responding. FB would be so much more interesting
Michael Anthony Santucci “QuickChek CEO and Chairman Dean Durling. “I am thrilled by Murphy USA’s commitment to honor our legacy and preserve our brand while learning from our business model.”
Michael Anthony Santucci Quick Chek has air pumps for a real
Scott More interesting? I mean it’s pretty interesting now ha. Maybe smarter? Eh lol.
Michael Anthony Santucci They may keep them name. Do know their foodd sucks
Beth Lane it’s a convenient store. What do u want. Bobby flay to cook it?
Too may wannabe food critics around here
Scott A Barnes STFU.
Scott A Barnes IT’S A CONVENIENCE STORE WITH LOUSY FOOD. THEY’RE ARE OTHERS ONES OUT THERE TUESDAY DO SELL BETTER FOOD.
King Murphy at it again I see!
Ive never heard of the company of Murphy usa from Arkansas, what’s it like
Kathy It’s like I read the article then wrote a comment so specific people would respond. And voila it worked lol.
Well since you knew of the company I was asking
Kathy Sorry…I misunderstood. ????
how tf is quick chek only worth 645 mil?
Pat Smalling
Only? What do think it should be worth?
Pat Smalling that’s exactly what I was thinking
Pat Because they aren’t as big a company as you think they are. There are just 157 locations. To compare, Wawa is around 850 locations.
Awesome! Did you sense my sarcasm
As long as they keep with the free air in the tires I’m good. ????
I like quick check they have the best air pump for tires
Wait…so the WHOLE quick check business, name, stores & warehouses were sold for $645 mil??
Bryan They don’t operate outside of NY/NJ…it’s not even nearly as big as Wawa.
Oh I didnt know they were only in 2 states.
Bryan Honestly…me either lol.
Brian Belfiore correct and about 150 stores in total between both states
This says it all. . .
Hopefully it will get better
Quick Check is garbage anyways
Me myself I’m a wah wah guy
Wonder how many people will not bother checking and just auto-assume our shithead Gov owns Murphy USA………………..
Jason Ellis Sarah Ellis
How on Earth could any company make a all-cash purchase during a pandemic? No doubt this company is owned by Amazon, Walmart or some other big Corp.
my favorite convience store , your in and out especially with the self check out systems, it was convient for you and also for the clerks not having to get hit with long lines
So it’s costing LESS, after taxes?
Wawa is better anyway.
Please don’t change the name to Murphys..
Ed Poplaski no no it’s going to be called Governor Murphys there motto is “where you pay double the taxes because we follow the science”.