Mountain Express Oil has announced the acquisition of Texon Oil and its 24 Sunoco-branded retail locations. The transaction was facilitated by Petroleum Equity Group (PEG).
The facilities acquired 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 and a wholesale supply-only account.
The company was founded in 1991 when the owners — Parminder Singh and Surinder Hundal — became Exxon franchisees at a single site in Stratford, N.J. Texon Oil grew its retail businesses over a 30-year history to become one of largest Sunoco distributors in the New Jersey and eastern Pennsylvania region. In 2008, Hundal’s son joined the team and served an integral role in the management of the company.
“We couldn’t be more pleased with the full range of advisory services provided by fuels industry-veteran Ken Shriber, managing director of PEG, who guided us and helped manage the entire process from start to finish,” said Singh. “The decision to sell and exit the business is a difficult one, and we could not have achieved our objective without Ken’s extensive knowledge, experience and skill set.”
“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. “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 has joined the MEX team as director of sales where he is tasked with transition support and acquiring additional assets as part of MEX’s ongoing growth across the country.
Founded in 2000 and based in Alpharetta, Ga., Mountain Express Oil currently owns and/or controls more than 200 gas stations and provides fuel to more than 700 stations across the U.S. 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 almost 100 convenience stores. With a geographic footprint covering 22 states, MEX has well-established relationships with ExxonMobil, BP, Amoco, Shell, Chevron, Texaco, Sunoco, Valero, Gulf, Citgo, Diamond Shamrock, Marathon, Arco, Phillips 66, ConocoPhillips and 76Motiva.