United Refining Co. Acquires Acorn Markets
WARREN, Pa. — United Refining Co. of Pennsylvania took ownership of the convenience retailing and ExxonMobil-branded fuel distribution business assets of Acorn Markets Inc. and Putnam Co.
According to Corner Capital, Acorn Markets/Putnam tapped Corner Capital for valuation and strategic advisory services to assist it in scenario planning prior to the COVID-19 pandemic. Despite the health crisis, the company decided to market its 80-year-old business.
"This transaction represents the conclusion of a thoughtful strategic process undertaken in a tumultuous climate. Our family and employees are pleased with the end result as 2020 comes to a close," said Ed Owlett, president and CEO of the company. "Corner Capital's advice and assistance proved to be a critical factor in our successful exit."
Founded in 1938 by G. Mason Owlett and William A. Ridge as an Esso-branded gasoline distributorship and named after Putnam Township in Tioga County, Pa., Wellsboro-based Acorn Markets became a regional retail brand in northern Pennsylvania known for its foodservice offerings, customer service, and fuel retailing with the Exxon brand.
Williams Mullen served as legal counsel to Acorn Markets/Putnam in the sale.
Warren-based United Refining Co. operates nearly 300 Kwik Fill convenience stores in Pennsylvania, New York and Ohio. According to the Westfield Free Press-Courier, the Acorn Market convenience stores closed in early December as they were rebranded to the Kwik Fill banner.