October 8, 2012

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Article

FJ Management to Acquire Majority Interest in Maverik, Inc.

Press Release

October 8, 2012

FJ Management Inc. (“FJM”) formerly known as Flying J, announced that it is acquiring a majority interest in Maverik, Inc., (“Maverik”). Nearly 60 years ago, brothers Reuel and Osborne Call formed a partnership to market fuel. The partnership lasted more than a decade until Reuel purchased Osborne’s ownership in the business. Jay Call, Osborne’s son, then founded Flying J, Inc. After 44 years of operating independently, the Osborne and Reuel Call families are once again joining forces in the oil refining, fuel distribution and convenience retailing businesses.

It is expected that this combination will deliver unique synergies in the marketplace, further the growth of Maverik stores and create many jobs throughout the intermountain west. Mike Call, Maverik's CEO, said, “Maverik will continue to aggressively market its high energy, Adventure’s First Stop brand that has created millions of raving fans.”

FJM and Maverik will operate independently with their current respective management teams. Crystal Maggelet, CEO of FJM, said, “We are very excited to be back in the convenience store business, especially partnering with an industry leader like Maverik.”

The letter of intent signed by the parties anticipates finalizing documents and closing the transaction by early December 2012.

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