Mountain Express Oil Co., headquartered near Atlanta, has successfully acquired Texon Oil.
Petroleum Equity Group (PEG) served as the lead advisor to Texon on the sale of all the company’s retail and wholesale motor 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.
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 (3,400 square feet) convenience stores, and a wholesale supply-only account.
The originating company was founded in 1991 when the owners, Parminder (Perry) Singh, and Surinder (Sam) Hundal, became Exxon Co., USA franchisees at a single site in Stratford, N.J. Texon Oil grew its retail businesses over a 30-year history to becoming one of the largest Sunoco distributors in the New Jersey/eastern Pennsylvania region. In 2008, Hundal’s son, Balrup (Roop) Hundal, joined the team and served an integral role in the management of the company.
“We are thrilled to be the purchaser of Texon Oil and expand our footprint into New Jersey and eastern Pennsylvania,” said Turjo Wadud, CEO of Mountain Express Oil Co. “The addition of these sites to MEX’s network is further evidence of our ability to close transactions quickly, efficiently and without disruption.”
As part of the sale, Roop Hundal will join the MEX team as director of sales where he will be tasked with transition support and acquiring additional assets as part of MEX’s ongoing growth across the country.
Founded in 2000 and based in Acworth, Ga., Mountain Express Oil Co. currently owns and/or controls more than 200 gas stations and provides fuel to more than 600 stations across the United States under several major oil and regional fuel brands. Looking ahead, the company is projected to own/control more than 300 stations, service nearly 800 locations, and operate nearly 100 convenience stores by year-end 2021.