Majors Management LLC announced the acquisition of the Maritime Farms convenience stores of Maritime Energy. With 13 convenience locations with full delis located in Midcoast Maine, the acquisition represents Majors’ first entry into Maine. Petroleum Equity Group (PEG) served as the lead advisor to Maritime on the sale of all the company’s retail motor fuel assets to Majors.
“With the acquisition of the Maritime sites, Majors now operates across the East Coast of the U.S. from Florida to Maine,” stated Majors President Ben Smith. “We are honored to carry on Maritime’s legacy of excellent service to their retail fueling and convenience customers and to further enhance Majors’ reputation of closing transactions quickly, efficiently and without disruption. We are pleased with the first-class support and expertise we received from the Maritime management team and their advisory firm, Petroleum Equity Group, as led by Ken Shriber, managing director.”
The assets, all located in Midcoast Maine, consist of a portfolio of 13 fee-owned, company-operated retail gas locations, all with convenience stores averaging over 3,000 square feet in size. Two locations are Shell-branded, one is Sunoco-branded and the remaining 10 fly the Maritime Farms flag. All facilities have full-service delis and sell beer and wine. Nine of the locations also sell liquor, and there are Dunkin offerings at two sites, one of which also has a car wash.
“I feel that we have found the best match to continue to put our people first, care for the properties and set the stage to lead the business into the future. We will continue to deliver motor fuels, fuel oils and propane to the stores so that customers can expect the same high-quality fuel products,” said Maritime’s President Susan Ware Page. “Due to the experienced guidance that we received and the friendly professional approach shown by the Majors team, I have the utmost confidence they will be a great fit for the employees and the local community.”
Maritime Energy was founded in 1939 by Roland Ware with one Sunoco-branded gas station and a heating oil business with one delivery truck. Following World War II, the company added gas stations and grew into a regional motor fuel and heating oil distributor. Roland’s son John took over as president in 1978 and in 1985, decided to venture into the convenience store business. Later, the company added kerosene, propane and heating system installations and services to its core energy business operations. Susan Ware Page, third generation and president of Maritime, joined the family business in 2001 and under her leadership produced significant company growth. According to the terms of the sale agreement, Maritime Energy will continue to dispatch, transport and deliver motor fuels to Majors’ retail locations.
PEG provided confidential advisory services to Maritime and is a full-service advisory company to the downstream motor fuels and convenience store industry. PEG provides merger and acquisition services and marketing support, business assessment and valuation analysis, financing and other industry-related services throughout the U.S., with a concentration on the East Coast from Maine to Florida.
Lawrenceville, Ga.-based Majors Management LLC is an owner, developer and operator of convenience stores and a distributor of high-quality branded motor fuels. Majors and its affiliates supply fuel to over 1,200 convenience store locations. Majors partners with petroleum brands including BP, Shell, Chevron, Exxon, Marathon, Citgo, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon. Its current markets include Alabama, Arkansas, Arizona, Florida, Georgia, Kansas, Louisiana, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Illinois. In the last three years, Majors has completed 16 acquisitions across 12 states.