Par Mar Oil Co. has been acquired by Croton Holding Co., based in Pittsburgh.
Fifth Third Securities Inc. served as the exclusive financial advisor to Par Mar Oil Co. in the transaction.
“This transaction highlights the continued strategic activity in this industry and the value of partnering two organizations that can grow by leveraging their complementary expertise,” said Rob Bohn, Fifth Third Bank’s director of downstream petroleum investment banking.
Based in Marietta, Ohio, Par Mar Oil Co. operates 52 convenience stores and several car washes in West Virginia, Ohio and Kentucky, which are branded with BP, Shell, Marathon and Exxon fuel. The Company also includes 16 quick-service restaurants, branded as A&W, Fazoli’s, Quiznos, Subway and Par Mar’s proprietary food service.
Par Mar Oil Co. was established in 1967 as a full line petroleum jobber by Joseph Grow of Parkersburg, W.Va. and James Hollister of Marietta, Ohio. In search of a name, Grow and Hollister decided on Par Mar, Par for Parkersburg,W.Va. and Mar for Marietta, Ohio. In 1979, Par Mar opened its first convenience store on Ohio State Rt. 7 South, now Par Mar #7. It first began doing business as Par Mar Shop N Save, but the name change to Par Mar Stores in approximately 1987
