Mergers & Acquisitions

Atlantis Management Group Acquires M. Spiegel & Sons Oil Assets

Deal includes 3 company-controlled retail gas stations with convenience stores, more than 70 wholesale motor fuel accounts
atlantis management convenience store
Photograph courtesy of Atlantis Management Group

Atlantis Management Group LLC has acquired various retail and wholesale assets of M. Spiegel & Sons Oil Corp. (SOS).

The assets, nearly all located in New York, consist of a portfolio of three company-controlled, branded retail gas stations with convenience stores and more than 70 wholesale motor fuel accounts. The sale also includes a fleet of motor fuel delivery trucks and branded supply contracts from CITGO, Valero, Sunoco, Conoco, Gulf and Sinclair.

The originating company was founded in 1934 with a single retail Mobil gas station in Brooklyn, New York. It acquired additional sites, and the company later expanded into heating oil, propane and HVAC services, becoming one of the largest home heating oil and motor fuel distributors in the Hudson Valley.

Petroleum Equity Group Ltd. (PEG), Chappaqua, New York, served as the lead advisor to SOS on the sale of all its retail and wholesale motor fuel assets and businesses. A full-service advisory company to the downstream motor fuels and convenience store industry, PEG provides merger-and-acquisition services and marketing support, business assessment and valuation analysis, financing and other industry-related services.

Petroleum Capital and Real Estate LLC, Richmond, Virginia, represented AMG throughout the transaction.

“The decision to sell was a difficult one following such a long history in the industry, however, we collectively felt that the timing was right,” said Robert Spiegel, president of SOS, Tuxedo Park, New York. We had an outstanding experience working with PEG and valued their expert advisory and analytical skills as provided by Ken Shriber, CEO. His extensive industry knowledge and professionalism, along with PEG’s deep relationships with buyers, was instrumental in helping us successfully monetize our motor fuel-related assets.”

Shriber added, “I have known the Spiegel’s for many years, and it was an absolute pleasure to finally work closely with them on this project.”

“We are thrilled to be the acquirer of the company’s assets, and our team worked tirelessly with SOS, PEG and PetroCapRE to ensure a smooth transition,” said Tumay Basaranlar, CEO of AMG, Mount Vernon, New York. “This acquisition adds a desirable set of wholesale and retail sites in markets which complement our existing retail network in the metro-New York/northern New Jersey area of the Northeast U.S.”

He added that “PetroCapRE, as represented by John Flippen, has been an indispensable advisor in this and all of our key M&A initiatives with their thorough analysis and deal structure guidance.”

Siobhan Spillane Bailey of Huntington Bailey LLP, Westwood, New Jersey, served as counsel to SOS, and legal services were provided to AMG by their in-house counsel, Alex Amanatides.

  • Atlantis Management Group is No. 78 on CSP's 2023 Top 202 ranking of U.S. convenience-store chains by size.

AMG, established in 2006, is a leading gas station developer, motor fuel distributor and broker in the Northeast. The company markets branded and unbranded motor fuel and convenience-store products to more than 225 retail sites. AMG has established co-branding relationships with retail companies such as Dunkin’ Brands and 7-Eleven and has developed the Atlantis Fresh Market convenience-store concept with a growing chain in New York, northern New Jersey, Connecticut and Massachusetts markets. It is an authorized distributor or broker supplier for the Exxon, Mobil, BP, Shell, CITGO and Gulf brands.

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