Food Bag Stores Get New Ownership

KENSINGTON, Conn. – Atlantis Management Group (AMG) has acquired Food Bag Stores, a CITGO branded marketer of petroleum products. The acquisition includes more than 50 fee-simple sites and a transportation company.

Founded in 1960, Kensington-based Food Bag Stores serves customers in Connecticut, New York, Massachusetts, New Jersey, Pennsylvania and Florida.

"When we started to consider a sale, our focus was on finding a partner that shared the same values toward our people and customers. Providing opportunity for employees and creating value for our customers was important to us. Seeing the energy, innovation and value that AMG will bring to the market is exciting," said John Sabol, CEO of Food Bag Stores operator General Equities Inc.

"I want to thank all of our employees for their years of dedication and service. AMG's level of integrity, professionalism and focus toward mutual value creation in this deal has been outstanding and I want to thank Tumay Basaranlar, Jose Montero and Jimmy Kochisarli for their support," Sabol continued. 

Established in 2006, Mount Vernon, N.Y.-based AMG markets branded and unbranded motor fuel and convenience store products in the Northeast region of the United States.

"We are thrilled to be able to purchase such a well-respected business with a proven management team and strong long-term customer relationships," said Basaranlar, CEO of AMG. "Over the last year, we have worked closely with the Food Bag team to ensure the most successful and value-driven transition for our companies. The level of integrity and teamwork between our companies has made this process a rewarding one. I want to thank the entire AMG/Food Bag team."

AMG is an authorized distributor and/or broker supplier for the Exxon, Mobil, BP, CITGO and Gulf brands.

"We share Food Bag's commitment to exceptional customer service and look forward to integrating the Food Bag team to allow us to pursue additional growth, both organically and though prospective acquisitions," added Montero, president of AMG.