Mergers & Acquisitions

Majors Management Enters Maine With Latest Deal

Acquires 13-store Maritime Farms c-store chain
maritime farms
Photograph courtesy of Majors Management

LAWRENCEVILLE, Ga. — Majors Management LLC has acquired the Maritime Farms convenience stores of Maritime Energy. With 13 locations in midcoast Maine, the acquisition represents Majors Management’s first entry into the state.

“With the acquisition of the Maritime sites, Majors now operates across the East Coast of the United States from Florida to Maine,” said Majors Management President Ben Smith. “We are honored to carry on Maritime’s legacy of excellent service to their retail fueling and convenience customers, and to further enhance Majors’ reputation of closing transactions quickly, efficiently and without disruption.”

The assets consist of a portfolio of 13 fee-owned, company-operated retail gas locations, all with c-stores averaging more than 3,000 square feet in size. Two locations are Shell branded, one is Sunoco branded and the remaining 10 fly the Maritime Farms flag. All facilities have full-service delis and sell beer and wine. Nine of the locations also sell liquor, and there are Dunkin' offerings at two sites, one of which also has a car wash.

The company was founded in 1939 by Roland Ware with one Sunoco-branded gas station and a heating oil business with one delivery truck. Following World War II, the company added gas stations and grew into a regional motor fuel and heating oil distributor. Roland’s son John took over as president in 1978, and in 1985, he decided to venture into the c-store business. Later, the company added kerosene, propane and heating system installations and services to its core energy business operations. Susan Ware Page, president of Maritime Energy, joined the family business in 2001 and under her leadership, grew the company further.

According to the terms of the sale agreement, Maritime Energy will continue to dispatch, transport and deliver motor fuels to Majors’ retail locations.

“I feel that we have found the best match to continue to put our people first, care for the properties and set the stage to lead the business into the future,” said Page. “We will continue to be delivering motor fuels, fuel oils and propane to the stores, so customers can expect the same high-quality fuel products. Due to the experienced guidance that we received, and the friendly professional approach shown by the Majors’ team, I have utmost confidence they will be a great fit for the employees and the local community.”

Petroleum Equity Group Ltd., Chappaqua, N.Y., provided confidential advisory services to Maritime Energy. PEG provides mergers-and-acquisitions services and marketing support, business assessment and valuation analysis, financing and more to downstream motor fuels and c-store industry throughout the United States, with a concentration on the East Coast from Maine to Florida. Ken Shriber, managing director, led the transaction for Petroleum Equity Group.

In the last three years, Majors Management has completed 17 acquisitions across 13 states.

Lawrenceville, Ga.-based Majors Management is an owner, developer and operator of convenience stores and a distributor of branded motor fuels. It supplies fuel to more than 1,300 c-store locations. Majors partners with leading petroleum brands including BP, Shell, Chevron, Exxon, Marathon, CITGO, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon. Its current markets include Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Kansas, Louisiana, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Maine.

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