True North Energy Picks Up 15 C-stores in Wisconsin
BRECKSVILLE, Ohio — True North Energy LLC expanded its store count through the acquisition of 15 fee-owned convenience retailing and petroleum marketing assets of Wagner Shell Co. and its affiliates in the Green Bay, Wis., market.
The transaction, which does not include Wagner's wholesale fuel business, closed earlier this month.
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"The network of stores built by Howie and Melissa Wagner present a great opportunity for True North to expand our brand in Wisconsin, while adding excellent facilities to our portfolio," said Mark Lyden, president and CEO of True North.
Wagner Oil began operations in the 1950's and was led by Harvey Wagner until the 1970's, when Howard Wagner became involved and began building the company's first convenience stores. In 1984, Wagner converted to being a Shell Oil company and continued to grow the sale of Shell fuel while building additional c-stores.
The sale was bittersweet but came at the right time for the Wagners to step away from the business and pursue other interests, according to Melissa Wagner.
The acquired locations will continue to offer the Shell fuel brand, but the stores will be rebranded under the True North banner.
"True North will continue to provide area customers with quality products, exceptional service and competitive fuel prices, as we realize customers have a choice where they purchase their fuel and convenience items," Lyden said.
American Business Brokers & Advisors provided merger and acquisition advisory services to Wagner Oil. These included valuation advisory, marketing the business through a confidential process and negotiation of the transaction.
True North Energy, a joint venture of the Lyden Family and Shell Oil US, encompasses multiple businesses, including convenience stores, car washes, a transportation business and a dealer supply business. The company has operations throughout Ohio, Michigan, Illinois and Wisconsin.
True North Energy celebrated 100 years in business in 2019.