Heas Energy Grows Store Count With Two Acquisitions
The deals include six gas stations and convenience stores located in central and northern Virginia.
RICHMOND, Va. — Heas Energy Services LLC is expanding its footprint across Virginia.
The downstream petroleum distributor acquired six gas stations and convenience stores located in central and northern Virginia from two sellers.
Five of the newly acquired sites are located in the greater Lynchburg market and were owned and operated by various entities of the Moore family. The sites operated under the Moore's Country Stores banner.
The sixth location, situated in the northern Virginia trade area of Lake Anna, one of the largest freshwater reservoirs in the state, was owned and operated by an independent retailer under a proprietary c-store brand.
The transactions mark the second multi-site acquisition Richmond-based Heas Energy has completed in the last two years. In 2020, the company acquired the leasehold interest in the Express Lane convenience store chain located in central Virginia from a local petroleum distributor and c-store operator.
Five of the gas station and c-store sites will be quickly upgraded and converted to the Express Lane c-store brand. All the sites sell either Exxon or Shell branded products. Heas Energy has no plans to change the motor fuel brand at any of the locations at this time.
Prior to the acquisition, the Heas Energy network consisted of 10 company operated sites, one dealer operated location, and one supply only dealer relationship.
Petroleum Capital and Real Estate LLC (PetroCapRE) exclusively represented Heas Energy and provided professional assistance in the initial due diligence process, acquisition modeling and procurement of the capital required to close both transactions.
"We are excited that our firm could support Shiv Patel in his second major acquisition in the last two years," said John Sartory, managing director and principal of PetroCapRE. "This acquisition was a strategic opportunity for our client to acquire five modern gasoline service station and convenience store locations in its primary central Virginia trade area and additionally, expand its Express Lane convenience store brand into the northern Virginia market."
Heas Energy CEO Shiv Patel is also the chief operating officer and a stakeholder in Sun Fuel LLC, a Sunoco and ExxonMobil branded wholesale petroleum distributor. Sun Fuel operates Star Express, an independently branded c-store chain, and is a franchisee for Subway, Wendy’s and Huddle House. All of Sun Fuel’s retail businesses and supply only customers are located in Virginia, South Carolina and North Carolina.
PetroCapRE is recognized as a national leader in providing buy-side, sell-side, refinancing and capital restructuring services for clients exclusively in the downstream multi-site retail and wholesale petroleum industry. Since forming the company in 2009, it has completed closings totaling more than $3 billion.