PMG Closes on Another East Coast Acquisition
WOODBRIDGE, Va. - Petroleum Marketing Group Inc. (PMG) continues to march across the eastern part of the United States, picking up 13 convenience stores from Ocean Petroleum Inc.
The deal also includes a large number of supply-only contracts and all the other associated business assets formerly owned and/or controlled by Newark, Md.-based Ocean Petroleum and its affiliated companies. The retail sites and supply-only dealer accounts are located within PMG's current footprint, which spans from Virginia to northern New Jersey, according to Petroleum Capital and Real Estate LLC (PetroCapRE).
PetroCapRE exclusively represented PMG and provided professional assistance in the initial financial due diligence process, acquisition modeling, contract negotiations and procurement of capital required to close the transaction.
"We are excited that our firm could support PMG throughout this transaction process," said John Sartory, managing director and principal of PetroCapRE. "This was a great opportunity for our client to expand its retail network, customer base and management team within PMG's current geographic footprint."
This latest deal follows PMG's April acquisition of 27 convenience stores previously owned by Cumberland Farms Inc. Those c-stores are located in New Jersey, Delaware and Pennsylvania, as CSNews Online previously reported.
Woodbridge-based PMG is a jobber and distributor of petroleum products, and operates more than 800 c-stores in the Mid-Atlantic and Northeast regions of the United States.