DENVER — Alta Convenience, a joint venture between funds managed by affiliates of Fortress Investment Group LLC and a subsidiary of Phillips 66 Co., has acquired Western Oil’s 46 Petro-Mart convenience stores and 39 wholesale dealers.
- Alta is No. 61 on CSP’s 2021 Top 202 ranking of U.S. c-store chains by number of retail outlets. Western Oil in No. 143.
Western Oil, founded by George Eble Jr. more than 30 years ago, is a leading petroleum marketer and c-store retailer in the greater St. Louis region in Missouri and Illinois.
“It’s rare to have an opportunity to acquire a portfolio of stores that have both quality locations as well as being operationally sound. It was a pleasure getting to know and work with George, Grant and Vickie Eble on this transaction,” said Rich Spresser, president of Alta.
After closing, Spresser and CFO Monte McGilvray will work to integrate Petro-Mart into the Alta network.
“I am extremely proud of what the Western team has built from our beginnings over 30 years ago, and I am confident that our progress will continue under Alta’s ownership and Rich’s further stewardship. While it was the right time for me to transition Western’s ownership, I could not be more excited about what the future holds for our business, our employees and the communities we serve,” said Eble.
Trefethen Advisors, an investment bank based in Scottsdale, Ariz., provided advisory services to Alta.
“The current ownership group and management team have grown and significantly improved the chain,” said Bill Trefethen, Managing Partner of Trefethen Advisors. “We look forward to watching the company continue to grow.”
Denver-based Alta has 111 c-stores in five states—Colorado, Kansas, Nebraska, New Mexico and Wyoming—and markets fuel under various brands including Phillips 66, Conoco, Exxon and Mobil. The Fortress and Phillips 66 joint venture purchased the company in January 2021.
Fortress Investment Group is a diversified global investment manager with approximately $52.7 billion of assets under management. Founded in 1998, the New York-based firm manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of midstream, chemicals, refining, and marketing and specialties businesses, the company processes, transports, stores and markets fuels and products globally. Based in Houston, the company has a network of branded marketers and dealers operating approximately 7,500 outlets. Its U.S. marketing business supplies Top Tier detergent gasolines under the Phillips 66, 76 and Conoco brands.
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