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WASHINGTON, D.C. -- White Oak Petroleum LLC on Friday completed the acquisition of 36 fee simple locations from Exxon, financed through a sale-leaseback transaction.
The 36 Exxon sites are all located in the Washington, D.C./Maryland metro area, said John C. Flippen, Jr., president of CrowderCorp., which served as exclusive advisory to White Oak.
"This is the fourth acquisition that we have helped [White Oak CEO] Joe Mamo facilitate this year and during that time Mr. Mamo has purchased a combined total of 111 locations from Exxon and Shell," he said. "Our company differentiates itself by providing clients access to not only senior lenders but also mezzanine and private equity investors. We focus solely on completing transactions within the convenience store and gas station (C & G) industry and our ability to close these transactions during arguably one of the toughest economic environments on record demonstrates the need for buyers and sellers to hire specialists when contemplating C & G transactions."
In an interview with CSNews Online, Flippen noted the market for merger and acquisition activity in the convenience and petroleum retail industry is "leveling off -- it's not getting easier or harder," he said, noting it is still much more difficult to close a deal today than it was a year ago.
With this successful transaction, CrowderCorp has helped close more than $180 million in acquisitions so far this year. Flippen is also a principal within Petroleum Capital and Real Estate, LLC.
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