GERMANTOWN, Pa. & WOODBRIDGE, Va. -- Mid-Atlantic Petroleum Properties LLC (MAPP) has sold certain assets to Petroleum Marketing Group Inc. (PMG) and its affiliates. The deal included all of MAPP's 37 gas stations and convenience stores, located in Washington, D.C., and Maryland, Mark Hall, marketing director for PMG and E&C Enterprises Inc., told CSP.
Germantown, Md.-based MAPP has been a leading owner and operator of petroleum marketing and convenience retailing businesses in the Washington, D.C., metropolitan area. It offers the Chevron, Texaco, Sunoco and W Express fuel brands.
MAPP's owners started the business in 1979 as a single station in Montgomery County in Maryland, and expanded the company by building new-to-industry locations, acquiring and improving existing locations and expanding wholesale distribution to third-party dealer operated sites.
Richmond, Va.-based Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to MAPP, including valuation advisory, asset marketing through a customized, confidential, structured sale process and negotiation of the transaction.
Thomas Kelso, managing director and head of the Downstream Energy & Retail Team and Spencer Cavalier, managing director, co-managed the transaction.
With 85 company-owned and -operated gas stations and convenience stores, and another 500 operated by dealers and commissioned agents in Virginia, Maryland and Washington, D.C., and New Jersey, Woodbridge, Va.-based PMG bills itself as one of the largest multi-branded petroleum dealers in the Mid-Atlantic region. Founded in 1991 with one store, the company distributes fuel to all dealer sites and its commission agent sites. E&C Enterprises is PMG's operating company.
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