Miller Oil Co. Exits C-store Industry After 40-Plus Years
The company's retail sites and wholesale dealer accounts were divided between two acquiring companies.
NORFOLK, Va. — Miller Oil Co. Inc. dba Miller's Energy is leaving the convenience store industry after selling its 21 company-operated stores, two company-owned, dealer-operated stores, and more than 70 wholesale dealer accounts. The stores operate under the Miller's Neighborhood Market banner.
Global Partners LP, based in Waltham, Mass., purchased the 23 c-stores and 34 wholesale dealer accounts located in Virginia and North Carolina, while Doral, Fla.-based Sunshine Gasoline Distributors Inc. acquired the remaining wholesale dealer accounts in Florida. Terms of the deals were not disclosed.
Founded in 1977 by the late Augustus "Gus" Miller, Miller Oil started out as a home heating oil business and saw significant growth when it entered the convenience retailing and petroleum market in the 1980s. In the 2000s, the company expanded its fuels distribution business through the acquisition of a dealer portfolio in southern Florida.
Miller Oil also owns a Norfolk, Va.-based heating oil distribution and HVAC service business, which will continue to operate and expand after these sales.
Matrix Capital Markets Group Inc. advised Miller Oil on the deals.
"After 40 years in a great industry that gave me and my family so much, we decided to focus on other areas of our business," said President Jeffrey Miller. "We engaged Matrix to advise us on this emotional process, and we couldn't be happier with the result. We feel Global is a good fit culturally and feel confident our brand and employees will be well taken care of."
Global Partners President and CEO Eric Slifka said in a company release: "The addition of Miller's significantly expands our retail presence in the Mid-Atlantic region and complements our portfolio of over 80 controlled sites and dealer network. Acquiring these high-quality locations enables us to further capitalize on our scale, supply relationships, and our integrated model to enhance product margin along each step of the value chain. Like Global, Miller's is a family-founded business with shared values around community and a commitment to customer experience. This purchase demonstrates our appetite to grow our book of business."
The acquisition expands Global Partners' retail footprint in the Mid-Atlantic region.The company currently has more than 1,600 locations, primarily in the Northeast, and recently acquired 26 Wheels c-stores from Consumers Petroleum of Connecticut Inc.