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Mergers & Acquisitions

Speedway Closes on Express Mart Acquisition

Will rebrand 77 Petr-All sites and divest one over FTC concerns
Photograph: Shutterstock

ENON, Ohio -- Speedway LLC has closed on the purchase of Petr-All Petroleum Consulting Corp.’s 78 Express Mart convenience-store and petroleum marketing assets.

Speedway signed an agreement April 16 for the purchase of Syracuse, N.Y.-based Petr-All’s stores, located primarily in the Syracuse, Rochester and Buffalo, N.Y., markets.

"This acquisition is a great strategic fit for Speedway and consistent with our growth plan," said Speedway President Tony Kenney when the company announced the deal. "These stores will enhance our existing network and expand our brand presence in a key growth market for Speedway."

The stores will be rebranded to Speedway, the company said.

In October, Marathon Petroleum agreed to divest four Speedway and one Express Mart c-stores in New York to Sunoco LP to settle Federal Trade Commission charges that the acquisition of Express Mart would violate federal antitrust law.

Richmond, Va.-based Matrix Capital Markets Group Inc., an independent investment bank, provided merger and acquisition advisory services to Petr-All, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.

Petr-All was founded in 1975 in Dryden, N.Y., by the late Francis "Frank" Borer. The company opened the first Express Mart c-store in 1989. Over the past three decades, and under the more recent management of Daniel Twombly, president of finance, and Mike Askwith, president of marketing, planning and store operations, the Express Mart brand grew to 78 company-operated stores. Frank’s wife, Patricia "Patti" Brock Borer, and their four children have remained active in the company.

Findlay, Ohio-based Marathon Petroleum operates 16 refineries and a marketing system that includes about 7,800 branded U.S. locations, including about 5,600 Marathon retail outlets. Its Speedway subsidiary owns and operates about 4,000 c-stores nationwide.

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