MOUNT VERNON, N.Y. — Atlantis Management Group LLC (AMG) has acquired various assets from WMA LLC, which also sold assets to other parties.
The assets, all located in New England, consist of a total portfolio of 13 Shell-branded retail gas locations, 11 of which were fee owned. The facilities are a mix of automotive service bays and convenience stores. The sale also included a Shell-branded wholesale supply-only business serving retail gas locations.
“We are thrilled to be the acquirer of the majority of the company’s assets,” said Tumay Basaranlar, CEO of AMG, based in Mount Vernon, N.Y. “This acquisition adds a desirable set of strategic sites in markets which complement our existing retail network in the Northeast section of the U.S.”
WMA’s originating company was founded in 2008 with the initial purchase of a collection of gas stations directly from Motiva Enterprises LLC, Houston, a joint venture of Shell and Saudi Aramco. The company acquired additional Shell sites and grew the Shell-branded wholesale business to its current form.
- Atlantis Management Group is No. 91 on CSP’s 2021 Top 202 ranking of U.S. c-store chains by size.
Established in 2006, AMG is a major gas station developer, motor fuel distributor and broker in the Northeast. It has approximately 75 company-owned locations. About 30 of its stores are branded Atlantis Fresh Markets. The company markets branded and unbranded motor fuel and c-store products in the Northeast to more than 225 retail sites.
It has established co-branding relationships with retail companies such as Dunkin’ Brands and 7-Eleven and has developed the Atlantis Fresh Market c-store concept with a growing chain in the New York, New Jersey, Connecticut and Massachusetts markets. It is an authorized distributor or broker supplier for the Exxon, Mobil, BP, Shell, CITGO and Gulf brands.
Petroleum Equity Group Ltd. (PEG), Chappaqua, N.Y., served as the lead advisor to WMA on the sale of all its retail and wholesale motor fuel assets. Petroleum Capital & Real Estate LLC (PetroCapRE), West Friendship, Md., represented AMG throughout the transaction.
PEG advises the downstream fuels and c-store industry and provides mergers-and-acquisitions services and marketing support, business assessment and valuation analysis, financing and other services. It has worked with companies such as Shell, Motiva, ExxonMobil, Sunoco, CITGO, Hess, Gulf, Cumberland Farms, Speedway, EG America, Circle K, and 7-Eleven, as well as jobbers across the United States. It has advised on dozens of engagements with a total capitalization of more than $500 million.
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