PMG expands portfolio with Springer Eubank acquisition
Petroleum Marketing Group Inc. (PMG), one of the largest fuel distributors in the Eastern United States based in Falls Church, Virginia, U.S.A., has recently acquired the assets of Springer Eubank Co. Inc., including its retail and fuels operations. This acquisition marks a significant expansion of PMG’s business footprint.
The transaction, facilitated by Matrix Capital Markets Group Inc., encompasses Springer Eubank’s travel center, convenience and gas division (TC&G Division), delivered fuels, and fuel transport divisions. Springer Eubank, with a history dating back to the 1800s, has been a prominent marketer of petroleum products in the coastal Carolinas.
Springer Eubank’s TC&G Division includes nine convenience stores operating under the Phoenix Mart banner, a travel center branded Phoenix Travel Center, a cardlock, six dealer/agent operated sites, and a greenfield landbank site. These establishments are located in the greater Wilmington area and eastern South Carolina. The stores offer major fuel brands like Amoco, Exxon, and Sunoco, and some feature the company’s proprietary Coastal Fuels gasoline and diesel. Additionally, three locations house quick-service restaurant concepts, including Subway and Jimmy Johns.
The delivered fuels segment, operating from a bulk plant near the port of Wilmington, distributes diesel, gasoline, and kerosene to various commercial and marine customers. The fuel transport division, supporting both the TC&G and delivered fuels divisions, includes a fleet of nine transports.
W. Cecil Worsley III, the former owner of Springer Eubank, praised Matrix for their expertise in facilitating the sale. “Matrix’s knowledge of the market and skill in executing a highly effective M&A process were instrumental in achieving my goals for the sale,” Worsley said.
David Corbett, director at Matrix, expressed honor in representing Worsley in the sale. “Cecil and the Worsley family are well-respected in the industry. We were honored to represent him as he transitions his focus to other entrepreneurial ventures,” Corbett said.
Legal counsel for Springer Eubank was provided by Stephen Diab, Berry Trice, and Lauren Williams of Murchison, Taylor & Gibson PLLC.
PMG has been active in mergers and acquisitions, with this being its third major acquisition in less than 12 months, following the purchase of Mystic Oil Co. Inc. and its affiliates, and 43 petroleum marketing and convenience retail stores from Li’l Thrift Food Marts Inc.