Flying J Sells Nine Stores To Moyle Petroleum

Ogden, Utah-based Flying J (now known as FJ Management) has sold nine of its convenience stores in Utah and Idaho to Moyle Petroleum.

Moyle Petroleum, which maintains its corporate offices in Rapid City, S.D., now owns and operates 35 Common Cents convenience stores in South Dakota, Nebraska, Wyoming, Idaho and Utah.

Of the nine stores involved in the transaction, six are in Utah (Brigham City, Draper, Harrisville, Layton, Logan and Ogden) and three are in Idaho (Boise, Chubbuck and Idaho Falls). The transaction closed Nov. 16.

The transaction was brokered by STaR, a division of NAI Utah and Mountain West Retail & Investment specializing in single tenant retail brokerage sales, and NAI. Nate Wayman and Zan Summers of NAI represented Moyle Petroleum. Flying J was represented by Jason Smith of NAI, and Bryce Blanchard and Chris Hatch of the STaR group.

Flying J began as a small petroleum marketing company founded by Jay Call in 1968 with four retail gasoline stations. It grew to become an oil refiner, transporter and travel center owner (truck stop operations that often included accommodations, restaurant and even bar facilities). In 2008, the company was ranked among the top 20 in Forbes magazine’s 500 Largest Private Companies in America with sales that year of over $18 billion. At the end of 2008, the company filed for Chapter 11 bankruptcy. At that time, company officials cited a sudden drop in oil prices and a lack of available traditional financing as factors for Flying J’s problems. In July 2010, the company announced its plans for reorganization, which provides for the payment of its creditors in full in cash, plus interest. As part of the reorganization, Flying J indicated it would sell off some of its assets-including its Flying J stores.

 

 

 

 

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