TravelCenters of America, Westlake, Ohio, acquired 19 Little Stores from Best Oil Company, headquartered in Cloquet, Minn.
NuWay Cooperative, Trimont, Minn., acquired Best Oil’s wholesale fuel supply business and transportation division, said Matrix Capital Markets Group, Richmond, Va., which managed the transactions.
Best Oil directly operated the 19 Little Stores prior to the sale. Eighteen of the sites were owned fee simple with one site being a leasehold. The stores are located in Northeastern Minnesota and Superior, Wis., and offer fuels as well as convenience items.
Best Oil Company’s wholesale fuel supply business consists of annual sales of over 27 million gallons serving approximately 110 customers in Minnesota and Wisconsin. The transportation division has eight tractors and eight trailers that deliver fuel to Best Oil’s company operated stores and wholesale customers.
The Best Oil Company was founded in 1939 by R.W. Lindholm who was later joined in the business by his son-in-law, Daryl L. McKinney. McKinney managed the company from 1961 to 1999, and opened the first of the Little Stores in 1971. McKinney transitioned the business to his sons John, Michael and Christopher in 1999 who together continued to grow the Little Store brand and the company’s wholesale fuel business and transportation division. Throughout the 2000’s, the McKinney brothers continued to focus on the Little Store division by razing and rebuilding several locations and upgrading all stores in order to provide exceptional service to their customers. Over the years, several generations of McKinneys have contributed to growing the Little Store division to 19 company-operated stores and one franchise location, and growing the wholesale fuel supply business.