LAWRENCEVILLE, Ga. — Majors Management LLC has acquired the convenience retail, petroleum marketing and wholesale fuels business of Haywood Oil Co. Inc., Waynesville, N.C., doing business as Peak Energy, which owned and operated seven Time Out Market convenience stores and four other sites leased to dealers. It also supplied nearly 140 independent dealer accounts in western North Carolina, as well as parts of South Carolina, Georgia and Tennessee.
Incorporated in 1952, Haywood Oil has grown from a local home heating oil delivery company into a petroleum marketer, fuels distributor and foodservice business. In 1973, David Blevins left Exxon to become president of Haywood Oil. The company grew through multiple acquisitions that brought additional convenience stores, bulk plants and fuel brands to the business.
Todd Blevins became president of Haywood Oil in 1999 and continued the company’s growth by making seven acquisitions over the next 10 years and added a complementary branded foods division. The company grew its wholesale fuels business by providing its network of more than 100 dealers with site and building design, financing, fleet fueling and branded fuel options. Fuel brand offerings consist of BP, Exxon, Mobil, CITGO and Sunoco, as well as independent brands.
“Todd Blevins and all members of his team have built a great organization. We hope to build upon their success and grow our footprint in western North Carolina and Tennessee,” said Ben Smith, president of Majors Management.
“The density of Peak’s retail and wholesale assets in growing markets made the opportunity very attractive to companies in the industry looking to expand,” said Cedric Fortemps, co-head of Richmond, Va.-based Matrix Capital Markets Group Inc.’s Downstream Energy & Convenience Retail Investment Banking Group, which provided merger-and-acquisition advisory services to Peak Energy, including valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. Fortemps managed the transaction with Andrew LoPresti, vice president, and Michael Tucker, senior analyst.
Lawrenceville, Ga.-based Majors Management is an owner, developer and operator of convenience stores and a distributor of branded motor fuels. Majors and its affiliates supply fuel to more than 1,000 c-stores. Majors’ branded fuel partners include BP, Shell, Chevron, Exxon, Marathon, CITGO, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon. Its current markets include Alabama, Arkansas, Arizona, Florida, Georgia, Kansas, Louisiana, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. In the last two years, Majors has completed 12 acquisitions in 11 states and expanded its geography in the Mid-Atlantic and Texas while complementing its footprint throughout the Southeast.
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