CAMBRIDGE, Ohio -- Premium Petroleum has purchased 24 convenience stores owned by The Hartley Co., sold as part of Hartley's plan to monetize certain assets and reposition the company for growth.
While 22 of the stores were purchased by Premium Petroleum, two were purchased by the existing commissioned dealers. Premium Petroleum also entered into a motor fuels supply agreement with Hartley.
Hartley directly operated 14 of the stores, while 10 were operated by commissioned dealers.
The stores are located [image-nocss] in Canton, Orville, Hebron, Lancaster, Piqua, Dayton, Old Washington, Middlebourne, New Concord, Cambridge, Buffalo, Byserville, Steubenville, Wintersville, St. Clairsville, Bridgeport, Greenfield and Belpre, Ohio, and near the Interstate-70 and I-77 interchange.
All of the stores offer motor fuels with half of the stores carrying the flags of such major brands as BP and Shell and the other half markets unbranded fuel under the Starfire Express and Working Man's Friend canopy.
As of the 12 months ended July 31, 2006, the 24 stores sold 23 million gallons of motor fuels and the 14 company-operated stores sold $3.8 million of convenience merchandise; 21 stores offer lottery and two are equipped with car washes.
Fee-simple real estate interest in all 24 units was conveyed to the buyers, said Richmond, Va.-based Matrix Capital Markets Group Inc., which in September 2006, began marketing the stores through a structured sale process. Matrix's Energy & Multi-Site Retail team provides transactional advisory services to petroleum marketing and c-store chains, restaurants and lodging companies.
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