MOUNT VERNON, N.Y. -- In its second transaction in a little more than a year, Atlantis Management Group LLC has closed on the acquisition of the gas-station and convenience-store network formerly owned or controlled by Spring Valley, N.Y.-based Dattilo Petroleum Inc.
The deal includes 27 Shell- or CITGO-branded retail sites in New York and New Jersey. The retail outlets are tightly clustered around several densely populated and affluent suburban counties immediately north and west of New York City. The network features a mix of sites operated by commission marketers and company-operated locations.
Established in 2006, Mount Vernon, N.Y.-based Atlantis is a Shell-, Exxon-, Mobil-, BP- and Gulf-branded wholesale distributor and a leading regional supplier of branded and unbranded petroleum and c-store products in the Northeast. It also operates a chain of company-operated c-stores under the Atlantis Fresh Market name and is one of the largest Dunkin' Donuts franchisees in the New York metropolitan area.
- Atlantis is No. 81 inCSP's 2018 Top 202 ranking of c-store chains by number of company-owned retail outlets.
“This was a great opportunity for our client to acquire a large number of premium real estate sites that were located within the company’s current retail footprint,” said John Flippen, managing director and principal of Petroleum Capital & Real Estate LLC, which represented Atlantis in the deal.
“The new sites will complement Atlantis Management Group’s existing network of dealer, commission marketer and company-operated locations,” he said. “Our firm was able to negotiate a multitiered capital product that will provide the flexibility needed to upgrade and rationalize the retail sites on a post-closing basis.”
This transaction was Atlantis' second major retail acquisition within the past 13 months. In November 2017, the company acquired 51 CITGO-branded retail sites that operate under the Food Bag c-store brand from General Equities Inc. Richmond, Va.-based PetroCapRE acted as Atlantis’ financial adviser on that acquisition, as well.