Petroleum Capital and Real Estate, LLC, (PetroCapRE), acting as the exclusive financial advisor to the Petroleum Marketing Group Inc., announced today that its client successfully closed on the acquisition of two hundred and twenty-three dealer operated gasoline service station and convenience store sites. The locations were formerly owned by Gulf Oil LP and are located in the Northeast and Mid-Atlantic sections of the United States extending from Pennsylvania to Maine. Large concentrations of the locations are situated in the greater metropolitan areas of Boston and New York City/Long Island. PMG is a large and well established Shell, Exxon, BP, Mobil, Sunoco, Gulf, 76, 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. PMG sells over 1.0 billion gallons of motor fuel products to a diverse group of C&G customers on an annual basis.
PetroCapRE exclusively represented PMG and provided professional assistance in the initial financial due diligence process, acquisition modeling, contract and supply negotiations, and procurement of capital required to close the overall transaction. “We are excited that our firm could support PMG throughout this transaction process” said John Sartory, Managing Director and principal of PetroCapRE. “This was a great opportunity for our client to further expand its existing retail network, customer base and management team in the Mid-Atlantic and Northeastern sections of the U.S. We are honored that PMG chose PetroCapRE to be their exclusive financial advisor for this transaction and enjoyed working with their entire senior management team to facilitate this acquisition.”
PetroCapRE was able to create a competitive funding environment for our client that resulted in proposals from traditional senior debt lenders, sale lease back providers and many alternative financing mezzanine/private equity sources. This competitive process allowed PMG to quickly close on the acquisition and structure a creative financing package that met its overall strategic objectives.
PetroCapRE, PetroCapRE Brochure, provides buy-side acquisition, refinancing, capital restructuring and select sell-side advisory services in the C&G industry. PetroCapRE has assisted clients in completing transaction valued at over $2.0 billion.