Murphy USA to acquire QuickChek for $625M
New Jersey’s QuickCheck has a network of 157 convenience stores with a strong food and beverage model.
Murphy USA announced an agreement to acquire QuickChek Corporation for $645 million. The transaction will be financed with a combination of cash on hand, existing credit facilities and new debt, and Murphy USA has obtained committed financing from the Royal Bank of Canada.
Founded in 1967 as an extension of Durling Farms, a door-to-door milk and fresh dairy products delivery service that originally opened in 1888, QuickChek is a family-owned chain of 157 stores located in central and northern New Jersey and the New York metro area.
It operates a premium food and beverage model with a strong regional brand and engaged customer following, offering quick-serve restaurant style food alongside convenience items; a high-volume fuel offer is included at 89 of its newest stores.
“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.”
The transaction is expected to close during the first quarter of 2021, subject to customary closing conditions and regulatory approval.
Murphy USA is a leading retailer of gasoline and convenience merchandise with nearly 1,500 sites located primarily in the Southwest, Southeast and Midwest United States.
