Regional Jobber Acquires 46 Shell Stations
NORTHERN NEW JERSEY -- PMG New Jersey LLC, a newly formed entity created by Petroleum Marketing Group, a large Shell, Exxon, Mobil, Sunoco, Gulf and CITGO branded jobbership, today closed on the acquisition of 46 Shell stations owned by Shell subsidiary, Motiva Enterprises LLC.
All the sites are located in northern New Jersey, according to Petroleum Capital and Real Estate LLC., which acted as the exclusive financial advisor to the buyer. Petroleum Marketing Group is also a leading regional distributor of petroleum products and services in the mid-Atlantic and northeastern regions of the United States.
"We are excited that we could help facilitate this transaction in what is still a rather challenging lending environment," said John Sartory, managing director and principal of Petroleum Capital and Real Estate LLC. "This was a rare opportunity for our client to acquire a large number of premium real estate sites in New Jersey, an attractive trade area with high barriers to entry. In addition, our firm was able to structure the transaction in a manner that allowed our client to secure all of the senior secured credit facilities required to close on the transaction from a single regional lender. As a result, PMG New Jersey was able to avoid the costly and time-consuming loan syndication process."
This is the second major acquisition in which Petroleum Capital and Real Estate LLC has acted as the exclusive financial advisor to the Petroleum Marketing Group Inc.
Petroleum Capital and Real Estate (www.PetroCapRE.com) and its principals John C. Flippen Jr. and John Sartory, provide consulting, mergers and acquisitions, and financial advisory services for clients exclusively in the retail petroleum industry. The company also represents private equity groups that are willing to make opportunistic investments in the industry.