Mergers & Acquisitions

Petroleum Marketing Group Adds Another 10 Stores

PMG acquires retail and fuel divisions of Springer Eubank Co.
PhoenixMart
Photograph courtesy of Matrix Capital Markets Group Inc.

Petroleum Marketing Group (PMG) continued its growth in the convenience-store industry this week with the acquisition of nine c-stores and one travel center from Springer Eubank Co. Inc.

The acquisition of Springer Eubank’s TC&G Division (travel center, convenience and gas) by a PMG affiliate includes all retail assets and the fuel transport division.

The Springer Eubank Co., Wilmington, North Carolina, dates back to the 1800s when Springer Coal and Eubank Oil began marketing petroleum products in the coastal Carolinas. In 1976, they merged to form Springer Eubank Oil Co. It was then acquired in 2004 by W. Cecil Worsley III and renamed Springer Eubank Co. Inc.

Springer Eubank’s TC&G Division is comprised of nine company-operated Phoenix Mart convenience stores, the Phoenix Travel Center, one cardlock site, six dealer/agent-operated sites and one greenfield landbank, all located in North and South Carolina.

The stores market major fuel brands, including Amoco, Exxon and Sunoco, and three locations feature the company’s proprietary Coastal Fuels gasoline and diesel. Three locations offer QSR foodservice, including two Subway and one Jimmy Johns restaurants.

The delivered fuels segment operates out of the company’s bulk plant located near the port of Wilmington and distributes diesel, gasoline and kerosene to a variety of commercial and marine customers. Springer Eubank’s fuel transport division supports both the TC&G Division and delivered fuels divisions and consists of a fleet of nine transports.

Acquirer PMG has grown aggressively in recent years, growing both its retailing and fuel delivery businesses through multiple acquisitions. Founded in 2001, PMG is one of the major jobbers and distributors of petroleum products and operators of c-stores in the Mid-Atlantic United States, delivering more than 1 billion gallons of petroleum on an annual basis. The Woodbridge, Virginia-based company serves more than 1,000 locations, from Maine to Florida.

Matrix Capital Markets Group Inc., Richmond, Virginia, provided merger and acquisition advisory services to Springer Eubank Co., which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.

“I have known the Matrix team for many years and was aware of the outstanding reputation that they have in the industry,” said Springer Eubank president and owner Worsley. “Matrix was instrumental in achieving my goals for the sale of Springer Eubank.”

“Cecil and the Worsley family have been well-respected in the industry for many years,” said David Corbett, director at Matrix. “Cecil has built Springer Eubank into one of the leading petroleum marketers in Wilmington and the surrounding areas. We were honored to represent him in the sale of the Company as he transitions his focus to his other entrepreneurial ventures."

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