MERRIFIELD, Va. -- Petroleum Marketing Group Inc., a jobber operating and supplying fuels to more than 150 gas stations and convenience stores, has acquired the 10-store Corner Mart chain from Bagwell Oil Co.
Bagwell Oil, a supplier of heating fuels for the Eastern Shore of Virginia, introduced the first self-service station to the area in the 1960s. It was also instrumental in building the c-store business for the area, and in 1991, it launched the Corner Mart chain and gradually grew it to 10 locations.
The stores sell convenience [image-nocss] merchandise and Chevron-branded motor fuels. In 2005, the stores averaged more than 800,000 fuel gallons sold and approximately $600,000 of merchandise sales per store.
All of the stores are located at prime traffic locations south of the Maryland state border and north of the Chesapeake Bay Bridge-Tunnel on or near to Highway 13 and along the route to Chincoteague, Va., a popular beach vacation destination.
Petroleum Marketing Group Inc. is headquartered in Merrifield, Va., with a sales and operations office in Millersville, Md. It serves more than 170 locations within Virginia, Maryland and the District of Columbia. It distributes CITGO, Texaco, Chevron and Crown motor fuels.
Matrix Capital Markets Group Inc., Richmond, Va., handled the sale for Onancock, Va.-based Bagwell Oil. It served as the exclusive financial advisor to the seller and Tom Kelso, managing director and head of the Energy & Multi-Site Retail Group at Matrix, managed the transaction.
Separately, Kocolene Marketing LLC, Seymour, Ind., sold one gas station in Mitchell, Ind., to Bulk Petroleum Indiana Properties LLC, Gary Myers, president of Kocelene, told The Times-Mail. Kocolene has operated a station at the Mitchell site since the 1970s. In 1982, the company built a convenience store, and in 1997, branded its fuel operations Sunoco and named the c-store Fast Max.
The station will be rebranded to BP, the new owner told the newspaper.
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