Dive Brief:
- Monfort Companies, a Denver-based investment management firm that got into convenience retailing in 2013, has sold the last of its c-stores and its petroleum marketing business, according to an announcement from advisory firm Matrix Capital Markets, which coordinated the divestitures.
- Monfort, which at its peak operated 80 c-stores, has quietly been divesting locations since 2023, according to the announcement. It sold its last 20 stores earlier this month to New Mexico-based retailer Diamond Jubilee Oil, a spokesperson from Matrix confirmed to C-Store Dive.
- Although Monfort’s business model differs from a standard c-store company, its exit marks yet another example of a smaller convenience retailer selling its assets as the industry’s profitability troubles persist in a difficult operating environment.
Dive Insight:
Although it’s been around since 1930, Monfort entered the c-store industry 13 years ago by acquiring a set of c-stores in Denver. The company grew its footprint through the next decade, operating sites under numerous banners, such as 7-Eleven, Murphy USA, Speedway and Dino Stop across Colorado, Minnesota, Oklahoma, Texas, and Wisconsin. Some of its locations included car washes, lubricant shops, QSRs and full-service restaurants. Its last notable acquisition was the 19-location Chisholm Corner c-store chain in Oklahoma.
In a statement to C-Store Dive, a Monfort spokesperson said that after conducting a long-term strategic evaluation of its business, the company has decided to focus on real estate, private investments and experiential assets instead of c-stores. These non-retail assets have become the company’s “greatest competitive advantages” over time, the spokesperson said.
“The convenience store platform was successfully built and strengthened during our ownership, and the transition reflects a thoughtful evolution of our portfolio, not a short-term decision,” Monfort’s spokesperson said. “By reallocating capital and leadership focus toward sectors that align most closely with our operating expertise and long-term vision, we are positioning the firm for sustained growth and durable value creation.”
Besides Diamond Jubilee, other buyers of Monforts c-store assets since 2023 have included 7-Eleven and Kent Companies, which each bought 10 stores, and regional player Azan Petro, which acquired 20 locations, according to Matrix’s spokesperson.
Monfort’s exit from the industry continues the wave of smaller convenience retailers — many with less than 100 locations — selling their assets amid a difficult operating environment. Industry experts have said they expect this trend to continue in 2026, with customer visits dropping and transaction counts inside c-stores in recent years mostly flat.
