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Petroleum Marketing Group Acquires Assets of Phoenix Mart Parent Company

Nine convenience stores and one travel center are part of the transaction.
Melissa Kress
Logos for Petroleum Marketing Group and Springer Eubank Co.

WILMINGTON, N.C. — An affiliate of Petroleum Marketing Group Inc. (PMG) acquired the assets of Springer Eubank Co. Inc., which include retail and fuels operations. 

According to Matrix Capital Markets Group Inc., the transaction is comprised of Springer Eubank's travel center and convenience and gas division (TC&G Division), as well as its delivered fuels and fuel transport divisions. 

Springer Eubank dates back to the 1800s when Springer Coal and Eubank Oil began marketing petroleum products in the coastal Carolinas. In 1976, the two companies merged to form Springer Eubank Oil Co. It became Springer Eubank Co. Inc. following its 2004 acquisition by W. Cecil Worsley III, who retained Springer Eubank after selling Worsley Cos., parent of Scotchman Stores, in 2008. 

Springer Eubank's TC&G Division is comprised of nine company-operated convenience stores, one travel center, one cardlock, six dealer/agent operated sites and one greenfield landbank site located in the greater Wilmington area, as well as eastern South Carolina. The convenience stores operate under the Phoenix Mart banner, while the travel center is branded Phoenix Travel Center.  

The stores market major fuel brands including Amoco, Exxon and Sunoco, and three locations feature the company's proprietary Coastal Fuels gasoline and diesel. Three locations offer quick-service restaurant concepts, including two Subway and one Jimmy Johns eateries.

The delivered fuels segment operates out of the company's bulk plant located near the port of Wilmington and distributes diesel, gasoline and kerosene to a variety of commercial and marine customers. Springer Eubank's fuel transport division supports both the TC&G and delivered fuels divisions, and consists of a fleet of nine transports.

"I have known the Matrix team for many years and was aware of the outstanding reputation that they have in the industry. Their knowledge of the market and skill in executing a highly effective M&A process made them the clear choice when deciding who to hire as an advisor. Matrix was instrumental in achieving my goals for the sale of Springer Eubank," Worsley said. 

Matrix provided merger and acquisition advisory services to Springer Eubank, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Corbett, director; Spencer Cavalier, cohead of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; John Mickelinc, senior associate; and Alexander Rakos, senior analyst.

"Cecil and the Worsley family have been well respected in the industry for many years. Cecil has built Springer Eubank into one of the leading petroleum marketers in Wilmington and the surrounding areas. We were honored to represent him in the sale of the company as he transitions his focus to his other entrepreneurial ventures," Corbett added.

Stephen Diab, Berry Trice and Lauren Williams of Murchison, Taylor & Gibson PLLC served as legal counsel for Springer Eubank.

PMG has been busy on the M&A front this year. In August, the company entered into an agreement to purchase Mystic Oil Co. Inc. and its affiliates. The deal was its the third major acquisition in less than12 months. In April, it purchased 43 petroleum marketing and convenience retail stores from Li'l Thrift Food Marts Inc., and in November 2022, it took over the convenience store business of Holt Oil Co., precipitating Holt's exit from the channel.

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