Gill Energy has acquired Dutchess Terminals Inc. The acquisition includes 13 convenience stores and numerous wholesale motor fuel accounts, according to a release from Petroleum Equity Group Ltd. (PEG), which served as lead advisor to DTI on the sale.
The company-controlled, branded retail gas locations with convenience stores and other assets are all located in the Hudson Valley of New York, PEG said on Wednesday. The sale also includes a fleet of motor fuel delivery trucks, absorbed by GE affiliate Apollo Logistics and branded supply contracts from Citgo, Valero and BP.
“This acquisition adds a very desirable set of wholesale and retail sites in new markets which complement our existing network in New Jersey,” Bikram Gill, CEO of GEC, said.
Gill Energy, Matawan, New Jersey, is a family-owned fuel distribution and convenience retail company. It is one of the largest independent fuel distributors in the Northeast, and it is a branded distributor for Sunoco, BP, Conoco, 76, Phillips 66, ExxonMobil, Shell, Gulf, Citgo, Valero, Marathon and more, PEG said.
Dutchess Terminals Inc. was founded in 1984 when Russo Vosoughi purchased a single gas station in Yonkers, New York, and created the CENCO fuel brand. Over the next 40 years, the company grew its retail gas sties in Dutchess and Putnam Counties in New York, and it developed a wholesale business that stretches throughout New York State, PEG said. DTI, based in Poughkeepsie, New York, also had an Express Fuel business that provided heating oil to retail customers. It was sold in 2021.
“The decision to sell was a difficult one following such a long history in the industry, however, I felt that the timing was right,” Vosoughi said. “We had an outstanding experience working with PEG.”
Petroleum Equity Group provided merger and acquisition advisory services to Dutchess Terminals, and the project was led by Managing Director Ken Shriber.
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