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WASHINGTON, D.C. -- Waseem Petroleum Inc. (WPI) has successfully closed on the acquisition of 16 Shell-branded gasoline stations and convenience stores owned by PMG NJ LLC, according to Petroleum Capital and Real Estate LLC, WPI's exclusive financial advisor.
PMG recently acquired the 16 stations from Motiva Enterprises LLC as part of a larger transaction in November 2011. WPI is a Shell- and BP-branded distributor in New Jersey. All the acquired sites are located in the central and northern parts of the state. WPI, owned and operated by Waseem Chaudhary, also has a co-branding relationship with 7-Eleven at a number of its existing sites.
"This transaction was a perfect opportunity for our client to acquire a large number of premium real estate sites in WPI's existing trade area," said John Sartory, managing director and principal of Petroleum Capital and Real Estate LLC. "As part of the overall capital structure, a portion of WPI's existing retail network was also refinanced and several new credit facilities were established, which minimized the need for upfront equity, quickly facilitated the transaction closing, and allowed for the future expansion of the company. Our firm was able to generate a significant amount interest in WPI's credit facility opportunity in the capital markets and as a result, WPI has developed several new banking relationships that will provide financial support for future opportunities. This was especially important to the company since WPI plans to upgrade and modernize a number of the newly acquired retail units over the next several years."