JACKSONVILLE, Fla., and ASHEVILLE, N.C. -- With the decsion to exit the petroleum industry, Mountain Energy president Thom Morgan is selling his regional chain of 20 company-operated convenience stores in North Carolina to First Coast Energy, dba. Daily’s.
The transaction closed Aug. 31, Morgan told CSP Daily News.
The all-cash asset purchase also included Mountain Energy’s related companies: Mountain Tank Lines, a trucking company, and Mountain Energy Home Heat, a home-heating-oil company.
As reported in a McLane/CSP Daily News Flash, the acquisition will add to First Coast Energy’s portfolio of 108 stores. The Jacksonville, Fla.-based company owns and operates c-stores and stations in Florida, and it distributes Shell gasoline to additional dealer sites in Florida and southeast Georgia.
All of Asheville, N.C.-based Mountain Energy’s 239 employees, with the exception of three, were offered employment with First Coast Energy, Morgan said.
Attractive EBITDA multiples and an active M&A climate were just two of the reasons Morgan said he decided to sell. He also plans to retire.
“After 44 years of my wife and I working together in the business, I owed her the opportunity to experience life outside the retail petroleum industry,” Morgan said.
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