Dive Brief:
- Anabi Real Estate Development, doing business as Anabi/Rebel, has acquired Land O’Sun Management, according to a Thursday announcement from Matrix Capital Markets Group, which advised Land O’Sun on the sale.
- The purchase includes 17 convenience stores, 10 co-located QSRs and two stand-alone QSRs in northern Florida owned by Gainesville, Florida-based Land O’Sun, which does business as Fast Track.
- Land O’Sun joins a number of smaller family businesses exiting the convenience store industry in recent years.
Dive Insight:
While M&A hasn’t been as hot a topic in 2024 as it was in 2023, a steady stream of deals both small and large continue. In recent weeks, the industry has seen other smaller deals, like Break Time buying 23 locations from EG America and Kent Companies acquiring Jack’s Convenience’s eight stores in West Texas.
“As a family business, deciding to sell is both an economic and emotional decision,” said Alan Fogg, president of Fast Track.
Larger deals include H&S roughly doubling its size with the acquisition of Andretti Petroleum Group, 7-Eleven buying the last 204 Stripes locations from Sunoco and CrossAmerica acquiring 59 locations from Applegreen.
The QSRs operating in Fast Track’s stores include Arby’s, Wendy’s, Dairy Queen and Subway.
Anabi has been doing more than just adding to its footprint. In March, its Rebel Convenience Stores began rolling out delivery across its footprint,according to a LinkedIn post.
Upland, California-based Anabi/Rebel was founded in 1991 with one gas station, but has grown through new construction and M&A to over 600 c-stores and QSRs in 16 states, including over 450 Rebel stores.
