Dutchess Terminals and related entities has been sold to Gill Energy (GE) and its related entities. Petroleum Equity Group served as the lead advisor to the Company on the sale of all its retail and wholesale motor fuel assets and businesses. GE is headquartered in Matawan, New Jersey.
The assets, all located in the Hudson Valley of New York, consist of a portfolio of 13 company-controlled, branded retail gas locations with convenience stores, and numerous wholesale motor fuel accounts. The sale also includes a fleet of motor fuel delivery trucks, absorbed by GE affiliate Apollo Logistics, and branded supply contracts from Citgo, Valero, and BP.
The originating Company was founded in 1984 when Russo Vosoughi purchased a single retail gas station in Yonkers, NY and created the CENCO fuel brand. Over the next 40 years the Company continued to build its portfolio of retail gas sites in Dutchess and Putnam Counties of New York and developed a wholesale business which now stretches throughout New York State. The Company had also established Express Fuel to additionally provide heating oil to retail customers, becoming one of the largest home heating oil and motor fuel distributors in the Hudson Valley. Express Fuel’s heating oil business and assets were previously sold in 2021.
Petroleum Equity Group provided merger and acquisition advisory services to DTI, which included valuation analysis, marketing the assets through a confidential process, and assisting with negotiating the transaction (aka “Project Hudson”). The Project was managed by Ken Shriber, Managing Director of PEG.
Russo Vosoughi, President of DTI commented, “the decision to sell was a difficult one following such a long history in the industry, however, I felt that the timing was right. We had an outstanding experience working with PEG. Their expert advisory and analytical skills, extensive industry knowledge and professionalism, along with PEG’s relationships with buyers, was instrumental in helping us successfully monetize our motor fuel-related assets. I could not have found a better advisor to guide me through a transaction of this scale and complexity.”
Shriber added, “Mr. Vosoughi, whom I have known for several years, has built an exceptional motor fuel and convenience store business. It was an absolute privilege to finally work closely with him on this Project. I am appreciative of the trust that was placed in my firm throughout the entire process and honored to have been engaged to help the Company achieve this favorable outcome.”
“We are thrilled to be the acquirer of the Company’s assets, and our team worked tirelessly with PEG and DTI to ensure a smooth transition”, said Mr. Bikram Gill, CEO of GEC. “This acquisition adds a very desirable set of wholesale and retail sites in new markets which complement our existing network in New Jersey,” he added.
About Petroleum Equity Group (PEG)
Petroleum Equity Group (www.petroleumequitygroup.com) is an industry leading, full-service advisory company to the downstream motor fuels and convenience store industry. PEG provides merger and acquisition services and marketing support, business assessment and valuation analysis, financing coordination, and other industry-related services. Since 2009, PEG has worked with major and regional oil companies such as Shell/Motiva, ExxonMobil, Sunoco, Citgo, Hess, Valero, Marathon and Gulf, large chain operators such as Cumberland Farms, Speedway, EG America, Circle K, and 7-11, and numerous jobbers across the U.S. The firm has advised on dozens of engagements with a total capitalization of over $700M.
About Gill Energy (GE)
Gill Energy is a family-owned fuel distribution and convenience retail company headquartered in Matawan, New Jersey. What began in 1991 as a single Mobil-branded site has grown into one of the largest independent fuel distributors in the Northeast, with locations in NJ, NY and PA. Gill Energy is a branded distributor for Sunoco, BP, Conoco, 76, Phillips 66, ExxonMobil, Shell, Gulf, Citgo, Valero and Marathon, and supplies unbranded fuels to service stations, fleet operators, commercial businesses, and industrial customers. With a focus on strategic growth, operational excellence, and long-term partnerships, the company continues to expand its presence across the region.
