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WOODBRIDGE, Va. -- CSNews Online has learned that E&C Enterprises Inc., an affiliate of Petroleum Marketing Investment Group LLC and operator of 72 convenience stores headquartered here, completed the purchase of all the assets of petroleum marketing firm and c-store operator C.R. Quesenberry Inc.
Abingdon, Va.-based Quesenberry supplied Chevron-branded fuels to 25 stores throughout southwestern Virginia and eastern Tennessee, which were operated by third-party commissioned dealers -- 19 of which were owned by Quesenberry and two were leased, according to a statement from Matrix Capital Markets, the firm that executed the sale.
Quesenberry was founded in 1954 by Cliff Quesenberry, and has been managed by his sons, Richard and Greg Quesenberry, for the past several decades, according to the statement. The family decided to exit the industry and pursue other interests after operating the company for more than 53 years, the statement said.
E&C Enterprises supplies fuel under a variety of banners, including Mobil, Sunoco, Chevron, Texaco and Shell, according to its Web site. The company was founded in 1991 by its president, Hossein Ejtemai, and vice president, Julio Cornejo.
The company has achieved growth through a number of acquisitions. In August 2004, it acquired 64 Crown Central stations in Tidewater and Richmond, Va., in addition to northern Virginia, when its parent company, Petroleum Marketing Group (PMG), purchased Crown's 152 locations.
Two years later, PMG decided to rebrand the Crown locations to major brands including Chevron, Texaco and Shell, CSNews Online reported at the time. A call to E&C Enterprises was not returned by presstime.