WOODBRIDGE, Va. — Petroleum Marketing Group Inc. (PMG) has closed on the acquisition of 223 dealer-operated convenience stores and gas stations, which helps to significantly expand its retail footprint, according to CSPnet.com.
Formerly owned by Gulf Oil LP, stated the article, the acquired locations are in the Northeast and mid-Atlantic regions, extending from Pennsylvania to Maine.
PMG, based in Woodridge, is a large 76, BP, CITGO, Exxon, Gulf, Mobil, Shell and Sunoco “branded jobbership and a leading regional distributor of petroleum products,” reported the article, serving the Northeast and mid-Atlantic.
The company services over 850 locations from Tidewater, Virginia, to northern New Jersey, added the article.
On an annual basis, continued the article, PMG sells over one billion gallons of motor fuel products “to a diverse group of customers.”
During the acquisition, informed the article, Petroleum Capital & Real Estate LLC (PetroCapRE), West Friendship, Md., represented PMG, “providing professional assistance during the initial financial due diligence process, acquisition modeling, contract and supply negotiations and procurement of capital required to close the transaction.”
Gulf Oil LP, based in Wellesley, Massachusetts, is a leading distributor of motor fuels, noted the article, including gasoline and diesel, to over 2,300 branded outlets and 1,000 private-labeled retail outlets operated by major chain retailers throughout 30 states.
“This was a great opportunity for our client to further expand its existing retail network, customer base and management team in the mid-Atlantic and Northeastern sections of the U.S.,” said John Sartory, managing director and principal of PetroCapRE, in the article.
You can find the article here.
