TRUESDALE, Mo. — Warrenton Oil Co., the owner and operator of FastLane Convenience Stores, has agreed to acquire Abel Oil Co., Louisiana, Mo., including 18 Abel’s Quick Shops. The purchase will significantly expand Warrenton Oil’s presence into Audrain, Ralls, Monroe and Pike counties in Missouri.
The companies said that they expect to complete the acquisition by the end of 2021.
“The addition of these stores will allow us to better serve our customers and their communities throughout northeast Missouri,” said Wayne Baker, president and CEO of Warrenton Oil, Truesdale, Mo. “We are excited to expand our farm and commercial fuel business footprint and serve the many customers of Abel Oil.”
Established in 1972 in St. Charles, Mo., Warrenton Oil is a growing family-owned and -operated convenience store chain with more than 700 employees. The company operates 37 FastLane locations throughout central and eastern Missouri.
Abel Oil was founded in 1940 by the Abel brothers—Ray, Alfred and Charles. The first five years of their partnership was interrupted by World War II with all the brothers being drafted into the military. After serving their country and being discharged in 1946 the brothers continued the operation of the oil company, with each brother working in a different area of the business. In 1957, Charles Abel was named president and the sole owner of the company until his passing in 1986. The business continued to be operated by the Abel family, with Mark Abel as president and Randy Anderson as CFO.
The family has enjoyed many years in the petroleum and convenience-store industry and felt that now was the time for them to retire, according to Mark Abel, and they will miss the many friends and customers they have had over the past 81 years and are happy to have Warrenton Oil, a family-owned business like theirs, to continue serving the community.
“We are well acquainted with Warrenton Oil Co. and the Baker family and are assured that their values and culture mirror ours,” Mark Abel said. “Our reputation and legacy, and our valued customers and vendors, will be in good hands.”
Abel Oil was exclusively advised by Terry Monroe, founder and president of American Business Brokers & Advisors, Effingham, Ill., a national company that provides merger and acquisition and advisory services in the sale of multi-site convenience stores and fuel distribution.