Mergers & Acquisitions

Petroleum Marketing Group Acquires Mystic Oil

Fuel distributor serves about 150 customers in 5 states
mystic oil
facebook.com/MysticOil

Petroleum Marketing Group Inc. has purchased Mystic Oil Co. Inc., which sells fuel on a consignment and wholesale basis to approximately 150 Gulf, CITGO, ExxonMobil, Shell and unbranded customers in Connecticut, Massachusetts, Rhode Island, New York and Vermont.

Mystic Oil, a fourth-generation, family-owned and -operated business was founded in Mystic, Connecticut, in 1956 by Aaron Agrin. During its first few decades, the company expanded its fuels offerings by becoming a distributor of fuel brands such as ExxonMobil and Gulf while also developing a chain of company-operated convenience stores. In 2008, Mystic Oil divested its c-store business and transitioned its focus to the wholesale fuels business.

Peter Zelken became president of Mystic Oil in 2017 and acquired the company from his father, Scott Zelken, that same year. Since that time, Mystic has grown significantly and has become a major fuel distributor in New England.

Independent investment bank Matrix Capital Markets Group Inc., Richmond, Virginia, provided merger-and-acquisition advisory services to Mystic Oil, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.

“Peter has done a tremendous job growing Mystic Oil and making it a very attractive wholesale fuels business for any fuels company trying to establish a presence or grow in New England,” said Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, who managed the transaction with Michael Tucker, associate.

Founded in 2001, Falls Church, Virginia-based PMG is now one of the largest fuel distributors in the eastern United States. It has a network of more than 1,200 sites with locations from Maine to Florida.

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