PMG Closes on Purchase of 27 Cumberland Farms Stores
Sites bulk up jobbership's current retail footprint in N.J., Del., Pa.
WOODBRIDGE, Va. -- Petroleum Marketing Group Inc. (PMG) has closed on the acquisition of 27 convenience stores owned by Cumberland Farms Inc., Petroleum Capital & Real Estate LLC (PetroCapRE), acting as the exclusive financial advisor to PMG, announced.
The retail sites are located in New Jersey, Delaware and Pennsylvania, and most of the locations sell motor fuel.
Woodbridge, Va.-based PMG is a large and well-established Shell, Exxon, BP, Mobil, Sunoco, Gulf, Crown 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.
PetroCapRE exclusively represented PMG throughout the competitive bidding process and after the seller chose PMG as the winning bidder, it arranged the financing required to close the overall transaction.
"We are excited that our firm could help facilitate this transaction," said John Sartory, 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 in three states. The new sites will complement PMG's existing network of dealer and company operated retail motor fuel and convenience store locations. In addition, our firm was able to procure a multi-tiered capital product that allowed our client to quickly close the transaction and provide the flexibility needed to upgrade and rationalize the retail sites on a post-closing basis."
This is the fourth major acquisition in which PetroCapRE has acted as the exclusive financial advisor to PMG.
PetroCapRE, Washington, provides buy-side advisory, financial restructuring, capital raises of debt and equity and corporate advisory and valuation services for clients exclusively in the retail petroleum industry.
Framingham, Mass.-based Cumberland Farms is the largest c-store chain and gasoline marketer in the Northeast. Its network of retail stores, gas stations and a support system including petroleum and grocery distribution operations spans 11 states across the Northeast and Florida.
With 85 company-owned and -operated stores, plus more than 500 operated by dealers and commissioned agents in Virginia, Maryland, Washington, D.C., and New Jersey, PMG bills itself as one of the largest multibranded petroleum dealers in the Mid-Atlantic region. The company distributes fuel to all dealer sites and its commission agent sites.