Petroleum Capital and Real Estate, LLC, acting as the exclusive financial advisor to the Petroleum Marketing Group Inc., announced today that its client successfully closed on the acquisition of 27 convenience stores owned by Cumberland Farms, Inc. The retail sites are located in New Jersey, Delaware and Pennsylvania and the majority of the locations sell motor fuel. PMG is a large and well established Shell, Exxon, BP, Mobil, Sunoco, Gulf, Crown, and Citgo branded jobbership and a leading regional distributor of petroleum products and services in the mid-Atlantic and northeast regions of the United States.
PetroCapRE exclusively represented PMG throughout the competitive bidding process and after our Client was chosen as the winning bidder by the Seller, arranged the financing required to close the overall transaction. “We are excited that our firm could help facilitate this transaction said John Sartory, Managing Director and principal of PetroCapRE. This was a great opportunity for our Client to acquire a large number of premium real estate sites that were located within the company’s current retail footprint in three states. The new sites will complement PMG’s existing network of dealer and company operated retail motor fuel and convenience store locations. In addition, our firm was able to procure a multi-tiered capital product that allowed our Client to quickly close the transaction and provide the flexibility needed to upgrade and rationalize the retail sites on a post-closing basis.” This is the fourth major acquisition in which PetroCapRE has acted as the exclusive financial advisor to PMG.
PetroCapRE, www.PetroCapRE.com, provides buy-side advisory, financial restructuring, capital raises of debt and equity and corporate advisory and valuation services for clients exclusively in the retail petroleum industry.