Corner Mart Acquired by Petroleum Marketing

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Corner Mart Acquired by Petroleum Marketing

08/01/2006
RICHMOND, Va. -- Petroleum Marketing Group, Inc. has completed the acquisition of Corner Mart convenience stores, a 10-store chain operated by Bagwell Oil Co.

The stores are located on the eastern shore of Virginia, and will be operated by Maryland-based Petroleum Marketing, an oil company jobber operating and supplying fuels to more than 150 petroleum marketing and convenience stores.

Bagwell Oil launched its c-store concept in 1991 and grew to a total of ten locations over the years. The locations supply Chevron-branded fuels, averaging 800,000 gallons of fuel sold per store and $600,000 in merchandise per store in 2005, according to Matrix Capital Markets Energy & Multi-Site Retail Team, which served as the exclusive financial advisor to Bagwell Oil. Tom Kelso, the managing director and head of the energy and multi-site retail group, managed the transaction.