USA: Mountain Express Oil acquires Texon
The acquisition involves the sale of the company’s retail and wholesale fuel assets, which includes a total of 24 Sunoco Stations.
Petroleum Equity Group has announced the sale of Texon Oil to Mountain Express Oil, after acting as the lead advisor to Texon on the sale of all its retail and wholesale fuel assets. The assets, all located in central and southern New Jersey and eastern Pennsylvania markets, consisted of a portfolio of 24 Sunoco branded retail gas locations, 23 of which were fee owned.
“We are thrilled to be the purchaser of Texon Oil and expand our footprint into New Jersey and eastern Pennsylvania. The addition of these sites to MEX’s network is further evidence of our ability to close transactions quickly, efficiently and without disruption,” said Turjo Wadud, CEO of Mountain Express Oil.
The facilities were a blend of auto service bays and convenience stores managed under a mostly company-operated or commission agent model. The sale also included two vacant parcels adjacent to operating sites with zoning approvals for large-format convenience stores, which consists of 3,400 square feet locations, and a wholesale supply-only account.
As part of the sale, Texon’s Co-owner, Roop Hundal, will join the Mountain Express Oil team as Director of Sales where he will be tasked with transition support and acquiring additional assets as part of the firm’s ongoing growth across the country.
