DELMAR, Del. -- J. William Gordy Fuel Co. has sold its company-operated retail network in the Salisbury market on the Eastern Shore of Maryland to Cato Inc.
The four high-volume, Exxon-branded sites feature modern convenience stores with beer caves and a Subway or Hardees quick-service restaurant (QSR).
The Delmar, Del.-based company did not sell its wholesale distribution business that supplies Exxon- or Sunoco-branded motor fuel products to independently owned and operated dealer locations in the Washington, D.C., market. This segment of Gordy Fuel will continue to operate as an independent entity.
Salisbury, Md.-based Cato is a diversified energy company in the gasoline, heating oil and lubricants business. It operates a dozen Goose Creek food and fuel stores on the Delmarva Peninsula.
Petroleum Capital and Real Estate LLC (PetroCapRE), Richmond, Va., provided mergers and acquisition advisory services to Gordy Fuel throughout the transaction and set up a confidential marketing program that included a multi-round competitive bidding process to maximize the potential market value of the company’s retail assets.
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