Atlantis Management Group Picks Up Assets From M. Spiegel & Sons
VERNON, N.Y. — Atlantis Management Group LLC (AMG) completed the acquisition of various assets of M. Spiegel & Sons Oil Corp., a 90-year, four-generation family operation.
The deal includes a portfolio of three company-controlled, branded gas station and convenience stores mainly located in New York, as well as more than 70 wholesale motor fuel accounts. AMG also picked up a fleet of motor fuel delivery trucks, and branded supply contracts from Citgo, Valero, Sunoco, Conoco, Gulf and Sinclair.
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Petroleum Equity Group (PEG) served as the lead advisor to M. Spiegel & Sons.
M. Spiegel & Sons began operations in 1934 with a single Mobil gas station in Brooklyn, N.Y. After a number of acquisitions, the company expanded into heating oil, propane and HVAC services, eventually becoming one of the largest home heating oil and motor fuel distributors in the Hudson Valley.
"The decision to sell was a difficult one following such a long history in the industry," said Robert Spiegel, company president. "However, we collectively felt that the timing was right. We had an outstanding experience working with PEG and valued their expert advisory and analytical skills as provided by Ken Shriber, CEO. His extensive industry knowledge and professionalism, along with PEG's deep relationships with buyers, was instrumental in helping us successfully monetize our motor fuel-related assets."
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"I have known the Spiegel's for many years, and it was an absolute pleasure to finally work closely with them on this project," said Shriber. "I am appreciative of the trust that was placed in me and PEG through the entire process and honored to have been engaged to help the Company achieve this favorable outcome."
AMG was represented by Petroleum Capital and Real Estate LLC (PetroCapRE).
"We are thrilled to be the acquirer of the company's assets, and our team worked tirelessly with [M. Spiegel & Sons], PEG, and PetroCapRE to ensure a smooth transition," said Tumay Basaranlar, CEO of AMG. "This acquisition adds a desirable set of wholesale and retail sites in markets which complement our existing retail network in the metro-New York/Northern New Jersey area of the Northeast U.S."
Atlantis Management Group, founded in 2006, is a Northeast-based gasoline service station developer, motor fuel distributor, and broker. The company markets branded and unbranded motor fuel and c-store products to more than 225 retail sites.