Dealer Service And Product

Miller Oil Exits C-Retailer Retailing

Miller Oil Exits C-Retailer Retailing

NORFOLK, Va. — Miller Oil Co. Inc., doing enterprise as Millers Vitality, is promoting 21 company-operated comfort shops, two company-owned dealer-operated shops and greater than 70 wholesale vendor accounts in Virginia, North Carolina and Florida to 2 consumers. World Companions LP is buying the 23 shops and the wholesale vendor accounts in Virginia and North Carolina. Sunshine Gasoline Distributors Inc. is buying the entire wholesale vendor accounts in Florida.

For World Companions, the gasoline provide agreements include 34 places primarily in Virginia, the corporate stated.

“After 40 years in an amazing trade that gave me and my household a lot, we determined to deal with different areas of our enterprise,” stated President Jeffrey Miller, who has managed the corporate for the final 25 years. “We really feel World is an efficient match culturally and really feel assured our model and workers might be effectively taken care of.”

Eric Slifka, president and CEO of World Companions, Waltham, Mass., stated, “The addition of Miller’s considerably expands our retail presence within the mid-Atlantic area and enhances our portfolio of over 80 managed websites and vendor community. Buying these high-quality places allows us to additional capitalize on our scale, provide relationships and our built-in mannequin to reinforce product margin alongside every step of the worth chain. Like World, Miller’s is a family-founded enterprise with shared values round group and a dedication to buyer expertise. This buy demonstrates our urge for food to develop our guide of enterprise.”

Augustus “Gus” Miller based Miller Oil in 1977 when he bought Exxon Co. USA’s dwelling heating oil enterprise in Norfolk, Va. All through the Nineteen Eighties, the corporate skilled important progress because the enterprise expanded into comfort retailing and petroleum advertising and marketing. Within the 2000s, the corporate expanded its fuels distribution enterprise into southern Florida with the acquisition of a vendor portfolio. President Jeffrey Miller has managed the corporate for the final 25 years.

Along with the petroleum advertising and marketing, fuels distribution and comfort retail enterprise offered, Miller Oil owns and operates a heating oil distribution and HVAC service enterprise with operations in Virginia, from Virginia Seashore to Manassas, which the corporate will proceed to personal and develop.

Richmond, Va.-based unbiased funding financial institution Matrix Capital Markets Group Inc. offered merger and acquisition advisory companies to Miller, which included valuation advisory, advertising and marketing the enterprise via a confidential, structured sale course of and negotiation of the transaction. Cedric Fortemps, co-head of Matrix’s Downstream Vitality & Comfort Retail Funding Banking Group, managed the transaction, with Martin McElroy Jr., senior affiliate,  and Michael Tucker, senior analyst.

  • World Companions is No. 27 on CSP’s 2021 High 202 rating of U.S. c-store chains by variety of company-owned stores. Sunshine Gasoline is No. 20.

With roughly 1,600 places primarily within the Northeast, Waltham, Mass.-based World Companions is among the area’s largest unbiased house owners, suppliers and operators of gasoline stations and c-stores. It operates roughly 280 comfort shops within the Northeast. Manufacturers embody Alltown, Alltown Recent, XtraMart, Honey Farms, Jiffy Mart, T-Hen, Mr. Mike’s, Quick Freddie’s, Comfort Plus and P&H Truck Cease. In January, World Companions additionally acquired the Wheels c-store chain from Shoppers Petroleum of Connecticut Inc., Milford, Conn.

Sunshine Gasoline Distributors, owned by Cuban-American Maximo Alvarez, is among the largest gasoline distributors in Florida, supplying 543 gasoline stations and proudly owning 395. Whereas most of Sunshine’s c-stores are unbranded, its gasoline manufacturers embody Shell, Chevron, Exxon, Mobil, Marathon and CITGO.

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