MIDLAND, Texas — Kent Distributors Inc. closed on its acquisition of Parsons Oil Co., giving it an entry point into Tennessee.
The deal supports Kent Distributors growth plans for central Tennessee and Northern Alabama. Kent Distributors is part of the Midland-based Kent family of companies that also includes Kent Kwik convenience stores, Kent Lubrication Centers, Kent Tire Co. and other related entities.
Fayetteville, Tenn.-based Parsons Oil operates the Buy Fast c-store chain.
"Our acquisition team is always looking for unique opportunities to extend our retail formula of success to high growth areas of the country. Acquiring Parsons Oil and the Buy Fast stores allow us to do that," said Bill Kent, chairman and CEO of the Kent Cos.
"After conducting our initial visit, we recognized the close proximity that Fayetteville has to rapidly growing Huntsville, Ala. In fact, Fayetteville being a bedroom community to Huntsville really aligned the deal with our growth plans," Kent added. "In addition to the Buy Fast c-stores, we also acquired the Big Chicken truck stop, the first truck stop on the Tennessee side of the state line. We are looking forward to enhancing the success of this unique site by incorporating the Kent Kwik brand and our proven operational formula."
The acquisition includes five company-operated Shell branded retail fuel sites, a book of branded and unbranded dealer supply accounts, a commercial lubes and fuel distribution business, the bulk plant, office and other related assets.
Over the next weeks, the facilities will be rebranded to Chevron and the stores to Kent Kwik.
Parsons Oil was founded in 1927 by the great-grand father and grandfather of current owner, Bill Parsons.
"It's hard to imagine that with this sale, my tenure as the owner and president of Parsons Oil will be the last link with the past. I've really enjoyed my petroleum career, having built and managed our business with a very fine group of dedicated managers and employees. We didn't have someone in the wings to turn the company over to and it became apparent that the time was right to sell," Parsons said.
"I couldn't be happier that the business and our stores will now be owned by Bill Kent and his fine company, and I sincerely believe that the future will be bright for both our customers and employees," he added. "My wife Monica and I are looking forward to some new adventures in retirement."
PetroActive Real Estate Services LLC provided confidential turnkey advisory guidance to Parsons Oil on this transaction. Direct management and coordination was handled by Mark Radosevich, company president.
"We at PetroActive Services thank Bill and Monica Parsons for the confidence that they placed in our firm to represent them and we wish them well in retirement," Radosevich said. "Bill Kent and I have been friends for 20 years and I'm delighted that he and his company were able to successfully conclude this transaction, and I'm equally delighted to be the one to bring his company to the fine state of Tennessee, which has been my family's adopted home for over 12 years. It's definitely going to be interesting as he expands his Texas-based Kent Kwik operation into the Volunteer State. Knowing Bill, it's bound to be a fun adventure."