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OTTAWA, Ill. -- Two prominent Illinois gasoline retailers have reached an agreement on the sale of an 11-store chain of convenience stores. ETNA Oil Co. of Ottawa, Ill., will sell the stores, which operate under the Shell brand, to Johnson Oil Co. of Rock Falls, Ill. The transaction was facilitated by American Business Brokers (ABB) and WJF Services.
The sale is the result of a strategic decision by ETNA owner Loraine Hess, according to ABB president Terry Monroe. "ETNA has operated these stations very successfully for a number of years," Monroe said. "This transaction provided an excellent opportunity for Ms. Hess to divest the family's petroleum assets and concentrate management resources on their numerous other real estate holdings."
Johnson Oil, a Shell distributor and operator for more than 50 years, will add the former ETNA stores to the 45 Shell convenience stores the company currently owns and operates throughout northwestern Illinois and southeastern Iowa.
The 11 stores involved in the deal are located in Ottawa, Peru, LaSalle, Utica, Oglesby, Mendota, Sycamore and Rochelle.
"This transaction is indicative of the current business climate in the c-store industry," Monroe noted. "Owners who may have been considering the possibility of putting their businesses up for sale are finding an ample supply of potential buyers who are ready to enter the business or expand existing chains."