October 4, 2012
FJ Management to Acquire Majority Interest in Maverik
OGDEN & NORTH SALT LAKE CITY, Utah -- FJ Management Inc., formerly known as Flying J, announced today that it is acquiring a majority interest in convenience retailer Maverik Inc.
FJM and Maverik will operate independently with their current respective management teams. The letter of intent signed by the parties anticipates finalizing documents and closing the transaction by early December this year.
Based in Ogden, Utah, FJM is a diversified holding company with interests in petroleum refining, marketing and trading through its Big West Oil subsidiary; Pilot Flying J travel centers, serving the traveling public across the country; EFS, a transportation credit processing business; and TAB Bank, serving the commercial finance needs of small and medium businesses from coast to coast.
North Salt Lake City, Utah-based Maverik has nearly 250 stores in 10 states to become the largest independent fuel marketer in the Intermountain West.
FJ Management isnt the same company as Pilot/Flying J. FJ Management is what was left of the original Flying J after the bankruptcy was settled. Maverik is a pure C-Store play, really not part of the TA core business.