Mergers & Acquisitions

Atlantis Management Group Acquires Food Bag

Deal includes 50 CITGO locations

MOUNT VERNON, N.Y. -- Atlantis Management Group (AMG) has acquired Food Bag, a convenience-store chain and CITGO-branded petroleum marketer. The transaction includes the purchase of more than 50 fee-simple sites and a transportation company.

Kensington, Conn.-based General Equities Inc. operates the Food Bag stores, which have provided convenience-store products and motor fuel to customers in Connecticut, New York, Massachusetts, New Jersey, Pennsylvania and Florida for more than 57 years. 

“We are thrilled to be able to purchase such a well-respected business with a proven management team and strong long-term customer relationships. Over the last year, we have worked closely with the Food Bag team to ensure the most successful and value-driven transition for our companies,” said Tumay Basaranlar, CEO of Mount Vernon, N.Y.-based AMG.

“We share Food Bag’s commitment to exceptional customer service and look forward to integrating the Food Bag team to allow us to pursue additional growth, both organically and through prospective acquisitions,” said Jose Montero, president of AMG.

“When we started to consider a sale, our focus was on finding a partner that shared the same values toward our people and customers,” said John Sabol, CEO of General Equities Inc. “Providing opportunity for employees and creating value for our customers was important to us. Seeing the energy, innovation and value that AMG will bring to the market is exciting. I want to thank all of our employees for their years of dedication and service.”

AMG, established in 2006, markets branded and unbranded motor fuel and convenience-store products in the northeastern United States. It is an authorized distributor or broker supplier for the Exxon, Mobil, BP, CITGO and Gulf brands.

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