McNutt Oil Sells Its Mr. Gas Stores to Focus on Wholesale
MARYVILLE, Tenn. — MG Markets Inc. dba Mr. Gas Markets has divested its retail chain in order to focus on its McNutt Oil Co. wholesale business. PetroActive Real Estate Services LLC assisted with the confidential sale of the six Marathon-branded Mr. Gas convenience stores and gas stations in east Tennessee.
McNutt Oil is a third-generation family business and states it is one of the few petroleum marketers nationwide to be officially certified as a "Women's Business Enterprise."
"Although we devoted our hearts and soul to the successful operation of our stores and were very proud of them, we realized that the future of our company rested in the wholesale side of our business. The decision to sell our stores did not come easily, but we ultimately realized that it was the right course of action for the success of our business into the next generation," said McNutt Oil President Clara McNutt.
PetroActive provided merger and acquisition advisory services to McNutt Oil, including business assessment and valuation; confidential marketing; and buyer prospect negotiation.
"We are proud that the McNutt family allowed us this opportunity to help redirect the focus of their company," stated PetroActive President Mark Radosevich. "After analyzing the current and future retail market in east Tennessee and McNutt Oil's strong aptitude for the commercial business, it became very apparent that an exclusive emphasis on that side of the business was definitely the right way to go."