Petroleum Marketing adds 43 Short Stop locations to retail network
The company has acquired assets from Li’l Thrift Food Marts to expand its network across North Carolina.
Petroleum Marketing Group has acquired retail assets from Li’l Thrift Food Marts, which include a total of 43 company-operated locations under the Short Stop brand.
Founded in 1971 by Vance B. Neal in North Carolina, Li’l Thrift started with a single store and expanded until nearly doubling its size by 1985 with the acquisition of E-Z Shop, a 23-store convenience retailer. In 2004, the firm added seven Exxon-branded locations to its portfolio.
In 2010 the company’s leadership passed to the founder's children, Chris Neal and Mary Morketter, who became President and Vice President respectively. Both siblings modernized Li’l Thrift’s IT systems and have continued to build upon their father’s legacy. Matrix Capital Markets Group provided merger and acquisition advisory services to Li’l Thrift.
“I would like to thank David, Spencer, John and Alex for all that they have done in helping our family exit the convenience store business that we have been involved in for over 50 years. Matrix was instrumental in shaping the way we went to market, how we evaluated bids and eventually choosing PMG as the successful bidder,” said Chris Neal.
All stores operate under the Short Stop brand and offer a variety of fuel options. These include 19 locations that market Exxon-branded fuel, five sites that feature the Marathon banner, 18 sites that offer unbranded fuel and one fuelless location.
