MERIDIAN, Miss. -- Burns Oil Co. has completed the sale of 12 gas stations and convenience stores in the southern Mississippi coastal region to Keith’s Superstores.
The sale allows Meridian, Miss.-based Burns Oil to reallocate its resources toward growing its central Mississippi division, which is owned and operated by Burns & Burns Inc., a separate company that operates c-stores in that region.
“Our core focus with this sale was to find a strategic buyer that would carry on the same high standards and values toward our customers and employees,” said H. David Burns Jr., president of Burns Oil. Burns founded the company with his father, H.D. Burns Sr., in 1975. “It has been a privilege to serve and support the communities we’ve been a part of our entire lives and thank our loyal team of employees in representing our company with honor.”
Keith’s Superstores, Hattiesburg, Miss., is a gas station and c-store operator with 41 locations in southern Mississippi. It began in 1967 as Hattiesburg 66 Oil Co. and Big K Oil Co. Keith’s Superstores began in 1996. In addition to its retail operation, the company operates a wholesale petroleum and transportation business within the three-state region of Mississippi, Alabama and Louisiana.
“We are excited to be able to purchase a high-quality portfolio of stores with a successful store-level operating team,” said Keith Saucier, president of Keith’s Superstores.
Chicago-based Downstream Energy Partners (DEP) LLC provided exclusive merger-and-acquisition advisory services to Burns Oil Co. DEP is a leading investment bank specializing in M&A advisory services to middle-market companies within the downstream energy sector. “Keith’s Superstores has acquired a quality chain of stores in a location strategic to their growing regional footprint,” said Steve Griffin, managing partner of Downstream Energy Partners. “Mr. Burns has built an exceptional company, and it’s been a pleasure representing them in this transaction.”