Mergers & Acquisitions

Stewart's Shops' Latest Deal Adds C-Stores and Distribution Business

Acquisition provides opportunity to diversify by expanding wholesale operations
Stewart’s Shops

BALLSTON SPA, N.Y. — Stewart's Shops Corp. has acquired five gas stations from Polsinello Fuels Inc. and has purchased the Rensselaer, N.Y.-based company’s gasoline and diesel fuel distribution business.

The companies did not disclose the terms of the transaction.

One station each is in Colonie, Troy and Caseleton on the Hudson, N.Y., and two are in Rensselear, N.Y. Stewart’s Shops plans to remodel several of the locations.

The fuel business will allow Stewart’s Shops to distribute Sunoco, CITGO and Mobil gasoline to dealers from the Albany, N.Y., region to Massena, N.Y., near the Canadian border.

“As we continue to grow our business, this acquisition gives us the opportunity to diversify by expanding deeper into the fuel wholesale business,” said Stewart’s Shops President Gary Dake.

Polsinello Fuels is a third-generation fuel distribution and transportation company with $136 million in annual sales. Mirabito Energy Products, Binghamton, N.Y., acquired Polsinello Fuels' propane and heating oil business in 2018.

“After careful consideration Polsinello Fuels Inc. has decided to divest from the retail gasoline business,” said Lou Polsinello, vice president of Polsinello Fuels. “Polsinello Fuels will remain in the lubricants and motor oil distribution business. This transition strengthens our standing as an industry leader and enhances our continued growth strategy to distribute premium lubricants and motor oils from Gulf Oil, Shell, Pennzoil, Quaker State, Phillips 66 and Kendall brands throughout the Northeast market.”

Founded in 1945, Stewart’s Shops is an employee- and family-owned c-store chain based in Ballston Spa, N.Y. Its 335 c-stores in 31 counties in upstate New York and southern Vermont offer milk, ice cream, coffee, food to go, other convenience items and gasoline. The retailer is No. 22 on CSP's 2019 Top 202 ranking of c-stores by number of company-operated locations.

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