MARYVILLE, Tenn. -- The owner of M G Markets Inc. dba Mr. Gas Markets has sold six of its of Marathon-branded Mr. Gas stores in eastern Tennessee to an undisclosed buyer to shift the focus to its wholesale company, McNutt Oil Co Inc., which sells commercial fuels and lubricants.
But the company is not entirely exiting retail. It has retained one of the company's convenience stores, CSP Daily News has learned.
Representatives of the Maryville, Tenn.-based company did not respond to CSP Daily News requests for comment.
Founded in 1941, McNutt Oil is a third-generation business, one of the few petroleum marketers nationwide to be officially certified as a Women’s Business Enterprise.
“Although we devoted our hearts and soul to the successful operation of our stores and were very proud of them, we realized that the future of our company rested in the wholesale side of our business. The decision to sell our stores did not come easily, but we ultimately realized that it was the right course of action for the success of our business into the next generation,” said Clara McNutt, president of McNutt Oil.
PetroActive Real Estate Services LLC, Coral Gables, Fla., provided merger and acquisition advisory services to McNutt Oil, including business assessment and valuation, confidential marketing and buyer prospect negotiation.
“We are proud that the McNutt family allowed us this opportunity to help re-direct the focus of their company. After analyzing the current and future retail market in East Tennessee and McNutt Oil’s strong aptitude for the commercial business, it became very apparent that an exclusive emphasis on that side of the business was definitely the right way to go,” said Mark Radosevich, PetroActive president, who managed the transaction.
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