ALPHARETTA, Ga. — Mountain Express Oil Co. (MEX) has acquired Texon Oil Inc., its 24 retail locations and wholesale fuel assets.
The assets, all located in central and southern New Jersey and eastern Pennsylvania markets, consist of a portfolio of 24 Sunoco-branded retail gas locations, 23 of which were fee-owned. The facilities are a blend of auto-service bays and convenience stores managed under a mostly company-operated or commission agent model. The sale also includes two vacant parcels adjacent to operating sites with zoning approvals for large-format (3,400 square feet) convenience stores and a wholesale supply-only account.
“We are thrilled to be the purchaser of Texon Oil and expand our footprint into New Jersey and eastern Pennsylvania,” said Turjo Wadud, CEO of Mountain Express Oil Co. “The addition of these sites to MEX’s network is further evidence of our ability to close transactions quickly, efficiently and without disruption.”
Texon Oil was founded in 1991 when the owners, Parminder (Perry) Singh and Surinder (Sam) Hundal, became Exxon USA franchisees at a single site in Stratford, N.J. Texon Oil grew its retail businesses over a 30-year history to become one of largest Sunoco distributors in the New Jersey/eastern Pennsylvania region. In 2008, Hundal’s son, Balrup (Roop) Hundal, joined the team and served an integral role in the management of the Medford, N.J.-based company.
As part of the sale, Roop Hundal will join the MEX team as director of sales where he will be tasked with transition support and acquiring additional assets as part of MEX’s ongoing growth across the country.
Chappaqua, N.Y.-based Petroleum Equity Group (PEG) Ltd. served as the lead advisor to Texon on the sale.
“We couldn’t be more pleased with the full range of advisory services provided by fuels industry-veteran Ken Shriber, managing director of PEG, who guided us and helped manage the entire process from start to finish,” Singh said. “The decision to sell and exit the business is a difficult one, and we could not have achieved our objective without Ken’s extensive knowledge, experience, and skill set.”
Jacklyn Fetbroyt of Kang Haggerty, Marlton, N.J., served as counsel to Texon Oil, and legal services were provided to MEX by Jennifer Martin of JL Martin LLC, Atlanta.
Founded in 2000 and based in Alpharetta, Ga., Mountain Express Oil Co. currently owns and/or controls more than 200 gas stations and provides fuel to more than 600 stations across the United States under several major oil and regional fuel brands.
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