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MARIETTA, Ohio — Par Mar Oil Co. has a new owner in Croton Holding Co.
The Marietta-based company operates 52 convenience stores and several car washes in West Virginia, Ohio and Kentucky that carry BP, Shell, Marathon and Exxon fuel brands.
The retail chain also includes 16 quick-service restaurants — A&W, Fazoli's, Quiznos and Subway. Par Mar c-stores also feature its proprietary foodservice offering.
Par Mar Oil Co. was established in 1967 as a full-line petroleum jobber by Joseph G. Grow of Parkersburg, W.Va. and James L. Hollister of Marietta, Ohio. The company opened its first c-store in 1979, initially doing business as Par Mar Shop N Save. It changed the name to Par Mar Stores around 1987.
Croton Holding Co. is a Pittsburgh-based retailer, wholesaler, distributor of petroleum products and convenience store operator.
Cincinnati-based Fifth Third Securities Inc. served as the exclusive financial advisor to Par Mar Oil.
"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.