Petroleum Marketing Group acquires 43 Short Stop c-stores

Dive Brief:

Fuel distributor Petroleum Marketing Group has acquired 43 c-stores owned and operated by convenience retailer Li’l Thrift Food Marts, Inc. for an undisclosed amount, according to a Wednesday announcement.
All of the stores — which are located in North Carolina — operate under the Short Stop Food Marts banner, with 24 of the sites offering either Exxon- or Marathon-branded fuel, 18 offering unbranded fuel and one without gas, according to the announcement.
This marks PMG’s fourth c-store acquisition over the past year, and the fuel distributor has now purchased a total of 71 retail sites in that time frame as it continues to grow its convenience arm.

Dive Insight:

PMG’s acquisitions dating back to April 2022 include seven c-stores from Global Partners LP, two travel centers from Davis Oil Co., 19 c-stores from Holt Oil and its latest 43-store purchase from Li’l Thrift Food Marts.

Although no purchase price was disclosed, PMG was the “successful bidder” among multiple offers for the Short Stop stores, Chris Neal, president of Li’l Thrift, said in the announcement.

“We believe that PMG will continue the same family traditions that have guided us over the years,” Neal said.

A related company owned by Neal — Ace Fueling, LLC — will continue to serve as a common carrier hauler for the Short Stop stores, according to the announcement.

Fayetteville, North Carolina-based Li’l Thrift was founded in 1971 with a single store in Burlington, North Carolina. The company grew gradually over the following years, before nearly doubling in size in 1985 with the 23-store acquisition of E-Z Shop. In 2004, the company added seven Exxon-branded locations to its portfolio.

Falls Church, Virginia-based PMG is one of the largest fuel distributors in the Eastern United States. The company’s fuel network includes more than 1,200 sites with locations from Maine to Florida. Besides fueling and convenience, the company also offers services in retail design, engineering, construction, finance, accounting, operations and management.