Petroleum Capital and Real Estate, LLC, acting as the exclusive financial advisor to the Atlantis Management Group LLC, (“AMG”), announced today that AMG successfully closed on the acquisition of the gasoline service station and convenience store network formerly owned and/or controlled by Dattilo Petroleum, Inc. and its affiliated companies. The overall acquisition includes twenty-seven (27) Shell or Citgo branded retail sites that are located in the states of New York and New Jersey. The retail chain is tightly clustered around several densely populated and affluent suburban counties immediately north and west of New York City. The network features a mix of sites operated by commission marketers and company operated locations. “We would like to thank everyone involved in the transaction, especially the Atlantis team, and PetroCapRE for being an indispensable sounding board that took responsibility for the myriad of complexities needed to complete the acquisition, so that AMG could focus on enriching the transaction by working more closely with the seller” said Tumay Basaranlar.
Established in 2006, Mount Vernon, N.Y. based AMG is a Shell, Exxon, Mobil, BP and Gulf branded wholesale distributor and a leading regional supplier of branded and unbranded petroleum and convenience store products in the northeast region of the United States. AMG is one of the largest Dunkin Donuts franchisees in the New York metropolitan area and also operates a chain of company operated convenience stores under its proprietary Atlantis Fresh Market trade name.
PetroCapRE exclusively represented AMG and provided professional assistance in the initial financial due diligence process, acquisition modeling, contract negotiations and procurement of capital required to close the overall transaction. “We are excited that our firm could support AMG throughout this transaction process” said John Flippen, 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. The new sites will complement AMG’s existing network of dealer, commission marketer and company operated locations. Our firm was able to negotiate a multi-tiered capital product that will provide the flexibility needed to upgrade and rationalize the retail sites on a post-closing basis. We are honored that AMG chose PetroCapRE to be their exclusive financial advisor for this transaction and enjoyed working with their entire senior management team led by the company’s CEO, Tumay Basaranlar, and President, Jose Montero.”
This transaction was AMG’s second major retail acquisition within the past thirteen (13) months. In November of last year, the company acquired fifty-one (51) Citgo branded retail sites that operate under the Food Bag convenience store brand from General Equities, Inc. The vast majority of these sites were also located in the northeast region of the United States and PetroCapRE acted as AMG’s financial advisor on that acquisition as well.
PetroCapRE provides buy-side, sell-side, refinancing and capital restructuring services for Clients exclusively in the downstream multi-site retail and wholesale petroleum industry. Since 2009, PetroCapRE has assisted clients in completing transactions valued at over $2.3 billion.