It's not like the sale was an ebay auction, we got 50 stores ($500,000 per), for $25 million. Though I'm still not clear on the owned vs. franchised count, we collect 8% of the gross, from the non-owned stores. If anyone knows the count details, please chime in.
As for Willie's, they spent $6 million and got a brand new, high volume truck stop.
Management knows who I am. As much as I can criticize them and the board for significant other issues, the purchases they have made have been done 'CHEAP.' Sites like Willies Place ($6 million), south of Dallas and Quick Lube ($25 million) are perfect examples.
Tom O'brien is a very astute financial buyer of these entities. The reason why purchasing has recently slowed, is because he has picked all of the cherries.
Just think it through, as the oil/refining/marketing patch find equilibrium, earnings could explode.
Respectfully, I'm more optimistic. The growth I refer to is a 20% rise in gallons of fuel sold. This is huge. Yes margins are flat, however this won't be forever, as oil prices and refining & marketing margins will find equilibrium.