Atlantis Management Group Closes Deal to Grow Its Northeast Retail Network
The company will pick up Shell branded gas stations and convenience stores from WMA LLC.
MT. VERNON, N.Y. — Atlantis Management Group LLC is picking up retail gas locations across New England, among other assets, from WMA LLC in a deal that expands its existing Northeast retail network.
The WMA portfolio consists of 13 Shell branded retail gas locations, 11 of which were fee owned. They are a blend of auto bays and c-stores. The deal also includes a Shell branded wholesale supply-only business serving retail gas locations.
Petroleum Equity Group Ltd. (PEG) served as the lead advisor to WMA on the sale of all
its retail and wholesale motor fuel assets. Atlantis Management Group was represented throughout the transaction by Petroleum Capital and Real Estate LLC.
"We are thrilled to be the acquirer of the majority of the company's assets, and our organization worked tirelessly with WMA and PEG to ensure a smooth transition. This acquisition adds a desirable set of strategic sites in markets which complement our existing retail network in the Northeast section of the U.S.," said Tumay Basaranlar, CEO of Mt. Vernon-based Atlantis Management Group.
WMA was founded in 2008 with the initial purchase of a collection of gas stations from Shell-Motiva. The company purchased additional Shell sites over the years, and grew its branded wholesale business.
Atlantis Management Group, founded in 2006, is a gasoline service station developer, motor fuel distributor, and broker in the Northeast. The company markets branded and unbranded motor fuel and c-store products to more than 225 retail sites.
Atlantis also has established co-branding relationships with retail companies such as Dunkin' Brands and 7-Eleven Inc., and developed the Atlantis Fresh Market convenience store concept in New York, northern New Jersey, Connecticut and Massachusetts.