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WASHINGTON, D.C. -- Petroleum Marketing Group Inc. (PMG) successfully closed on its acquisition of 27 convenience stores owned by Cumberland Farms Inc. Terms of the sale, which includes locations in New Jersey, Delaware and Pennsylvania, were not disclosed.
The closing effectively ends Cumberland Farms' presence in New Jersey. As CSNews Online previously reported, the c-store chain will continue operations in the New York, New England and Florida markets, according to company spokesman Derek Beckwith. Cumberland Farms had nearly 600 stores in 11 states prior to the sale.
Petroleum Capital and Real Estate LLC served as exclusive financial advisor to PMG for this transaction. PMG is a jobber and distributor of petroleum products, and operates c-stores in the Mid-Atlantic region of the United States. PMG has more than 800 locations from Virginia to northern New Jersey.
"The new sites will complement PMG's existing network of dealer- and company-operated retail motor fuel and convenience store locations," stated John Sartory, managing director and principal of Petroleum Capital and Real Estate.