Jet Food Stores has sold its commercial fuels and lubricants affiliate, Atkinson Oil Company, to Colonial Oil for an undisclosed amount, according to a Tuesday press release from Matrix Capital Markets Group, which advised Atkinson in the deal.
Sandersville, Georgia-based Jet Food Stores expects to use proceeds to grow its retail business, which includes 56 convenience stores across central and south Georgia. These sites offer fuel from BP, Marathon and Chevron and its own Jet-branded gasoline, according to the company’s website.
The retailer also offers a fresh food program spanning all dayparts, including breakfast sandwiches and platters, Southern comfort food and a variety of sides like mac and cheese, turnip greens and mashed potatoes, according to the company website. The menu also includes desserts like peach cobbler and snacks like corn dogs, egg rolls and pizza sticks.
Colonial Oil, which is also based in Georgia, sees the acquisition as a way to strengthen its position in the Southeast, according to a press release from the company. The deal includes Atkinson’s facilities in Sandersville and Macon, Georgia, which will continue operating as before under their new ownership. Atkinson’s 14 team members will also join Colonial Oil as the company seeks to ensure continuity and prevent any disruptions of service for Atkinson’s customers.
“Atkinson Oil is a highly respected, relationship-driven business with deep roots in the communities it serves,” said Christian Demere, president and CEO of Colonial Group. “The Sandersville and Macon markets serve as a natural extension of our growth strategy.”
Atkinson, which Jet acquired in 2016, also runs an emergency fueling operation in the eastern and southern U.S. At the time of its sale, Atkinson served nearly 500 customers in Georgia, and was one of the largest Total-branded lubricants distributors in the country.
While c-store M&A continues to be a hot topic, fuels-based acquisitions are also trending. Since October, Pilot’s fuel arm acquired Down Energy, United Fuels Midwest sold its fuel and c-store businesses to three buyers, JB Dewar picked up McCormix Corporation and Minuteman Food Mart parent company Campbell Oil Company acquired the fuel division of Smith Oil Company.
