Dive Brief:
- Petroleum Marketing Group has acquired Springer Eubank Company’s assets, according to a Thursday press release.
- The transaction includes nine company-operated convenience stores, one travel center, one cardlock, six dealer/agent operated sites and one greenfield landbank site in the Carolinas.
- PMG has been growing through a number of small acquisitions over the past couple years, taking advantage of an attractive environment for consolidation.
Dive Insight:
PMG has added a sizable number of convenience stores to its company portfolio in a short amount of time.
In addition to this latest acquisition, over the past year and a half PMG has purchased seven c-stores from Global Partners LP, two travel centers from Davis Oil Co., 19 c-stores from Holt Oil and 43 c-stores from Li’l Thrift Food Marts.
The convenience stores PMG bought in this latest transaction operate under the Phoenix Mart banner, while the travel center operates under the Phoenix Travel Center name. Three locations offer the proprietary Coastal Fuels brand gasoline while the rest sell Amoco, Exxon or Sunoco fuel. Three of the stores include QSRs — two with Subway and one with Jimmy Johns.
Matrix Capital Markets Group advised Springer Eubank on the sale.
M&A has been one of the major stories in the convenience retail space in 2023. In addition to a flurry of smaller deals that began right from the start of the year, the industry has also seen several large collections of stores changing hands. This includes BP purchasing TravelCenters of America’s 280 travel centers in May for $1.3 billion, and Majors Management and Alimentation Couche-Tard splitting up Mapco’s more than 200-store footprint in a deal that closed on Nov. 1.
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.
