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11/10/2022

Majors Management Inks Flurry of M&A Deals

Transactions include c-stores, a truck stop, and a commercial fuels and lubricants business.
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Majors Management

LAWRENCEVILLE, Ga. — Majors Management LLC continues to grow its network with multiple acquisitions in several states.

The company and its affiliates closed on the purchase of 10 Chevron-branded convenience stores, a dealer wholesale business, and a commercial fuels and lubricants business from Morgan Oil Co Inc. on Nov. 4. The deal also included an associated bulk plant facility.

"It was our pleasure to work with Ed Morgan and the Morgan Oil team to transition their operations and employees to Majors and provide uninterrupted service to their fueling and convenience customers," said Majors' President Ben Smith. "We are excited to welcome the Morgan Oil team to the Majors' family.

"This advances our existing growth plans for the state of Texas, and we are honored to serve the residents of east Texas for all their convenience and fueling needs," Smith continued. "We were also very pleased to work with another seller represented by the first-class team at Corner Capital Advisors LLC."

Morgan Oil is based in Nacogdoches, Texas.

"The team at Majors was great to work with in all respects, and I know they will continue Morgan Oil's long-standing tradition of excellent customer service," added Ed Morgan, president of Morgan Oil. "It was my privilege to deal with a best-in-class team that will honor Morgan Oil's legacy of service to its customers."

Majors is also buying 13 Maritime Farms c-stores from Rockland, Maine-based Maritime Energy, which operates two locations in Rockland, two in Rockport, and one each in South Thomaston, Warren, Union, Waldoboro, Belmont, Jefferson, Newcastle, China and Searsport. The acquisition is expected to close in December, according to a Courier-Gazette report.

"I'd like to share that after 37 years in the convenience store business, we are selling our Maritime Farms' stores. As we have been in 'growth mode' for several years, I realize this may come as a complete surprise," said Maritime Energy President Susan Ware Page in an email to employees.

Ware Page noted that no one will lose their jobs, as "our first priority is for our people."

The company is reportedly returning its focus to energy as its core business.

"I thank our dedicated team of Maritime Farms' employees for their service to our customers. We have had a special group of long-time managers and team members who have made the difference in differentiating us from others," Ware Page said. "A special thanks to our customers, especially our local ones, who kept us in business all these years and allowed us to grow and prosper. We all appreciate you."

Finally, Majors finalized its acquisition of K&H Truck Plaza, located off I-57, in Gilman, Ill., 90 miles south of Chicago. The transaction marks its entrance into the state.

"The availability of this strategically located facility neatly fit our current plans to expand our retail petroleum focus to include truck stops and travel centers," Smith said. "Given the spirit of cooperation exhibited by both sides of this transaction, we were able to enjoy a timely and mutually satisfactory outcome."

K&H Truck Plaza is a modern, well-established, BP-branded truck stop and travel center that features a busy truck repair facility, traditional home-style restaurant, Dunkin' franchise, convenience store and video gaming area, according to Majors. The 12-acre site also features a modern Tesla electric vehicle charging area with eight charging stations.

"A series of unplanned and unfortunate events prompted the sale of our facility," said Andrew Herscher, K&H president and part owner. "Due to the experienced guidance that we received and the friendly professional approach exhibited by the Majors team, the overall process was positive. I have absolute confidence they will be a great fit for the employees and the local community."

PetroActive Services of Coral Gables, Fla., provided confidential guidance to K&H on the transaction.

Earlier this month, Majors announced its acquisition of six convenience stores from Fairhope, Ala.-based Bay Shores Oil Inc., as Convenience Store News reported.

Majors Management is an owner, developer and operator of convenience stores and a distributor of high-quality branded motor fuels. The company and its affiliates supply fuel to more than 1,200 convenience store locations. Majors Management partners with leading petroleum brands such as BP, Shell, Chevron, Exxon, Marathon, CITGO, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon.