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NASHVILLE, Tenn. -- Tri Star Energy LLC, a joint venture among Kimbro Oil Co., The Parman Corp. and Motiva Enterprises LLC, and operator of the Daily's Convenience Stores chain in middle Tennessee, purchased 57 Scot Markets convenience stores, bringing the Nashville-based Tri Star Energy's portfolio to 120 sites in Tennessee and Kentucky, with 103 stores located in middle Tennessee.
As reported in a CSNews Online news flash yesterday, Tri Star Energy will convert most of the 57 Scot Markets sites to the Shell brand, the company stated. Some sites will retain the Scot Markets name, while others will be rebranded as Daily's Convenience Stores. The agreement marks Tri Star Energy's first operations outside of middle Tennessee, as 10 Scot Markets sites are located in Kentucky and seven are in east Tennessee.
"Scot Markets is a great locally owned company with a name that's trusted by customers," John Jewell III, CEO of Tri Star Energy, said in a statement. "We look forward to expanding the Shell and Daily's brands while continuing the hometown tradition of Scot Markets."
Scot Markets, operated by Consumers Gasoline Stations Inc., generates approximately $188 million in annual revenues and is owned by James W. Perkins Jr. and family. Scot Markets began in the early 1940s in Nashville, middle Tennessee and southern Kentucky.
"This is a very good fit for Tri Star Energy, and we wish them success in their company's continuing operations," Perkins said in a statement.
Tri Star Energy plans to keep Nashville-based Scot Markets' personnel, and as a result, will grow the company's employee base from approximately 500 to nearly 1,000, with the majority in middle Tennessee, the company stated. The company also distributes fuel to an additional 120 independent retailers in Tennessee.
"Tri Star Energy will continue to provide local customers with quality products, exceptional service and competitive prices under the Shell banner," Jewell added. "Customers have a choice when they purchase gasoline and we intend to make Shell the brand of choice for motorists in the area."
Customers to the rebranded gas stations will have the opportunity to apply for a Shell Platinum MasterCard from Citi Cards, which allows them to earn rebates on fuel. The Shell MasterCard gives consumers a 5-percent rebate on Shell gasoline and a 1-percent rebate on all other purchases, the company stated.
Morgan Keegan & Co. Inc. was the financial adviser to Consumers Gasoline Stations Inc.