DENVER—Alta Convenience, a joint venture between affiliates of Fortress Investment Group LLC and a subsidiary of Phillips 66, said it has acquired Western Oil’s 46 Petro-Mart stores and 39 wholesale dealers.
Western Oil, founded by George Eble, Jr. over 30 years ago, is a petroleum marketer and convenience-store retailer in the greater St. Louis region, with more than 50 locations in Missouri and Illinois. Alta Convenience has 111 convenience stores located in Colorado, Kansas, Nebraska, New Mexico and Wyoming and markets fuel under various brands including Phillips 66, Conoco, Exxon and Mobil.
“It’s rare to have an opportunity to acquire a portfolio of stores that have both quality locations as well as being operationally sound. It was a pleasure getting to know and work with George, Grant and Vickie Eble on this transaction,” said Rich Spresser, president of Alta. After closing, Spresser and Alta CFO Monte McGilvray will work to integrate Petro-Mart into Denver-based Alta.
“I am extremely proud of what the Western team has built from our beginnings over 30 years ago, and I am confident that our progress will continue under Alta’s ownership and Rich’s further stewardship. While it was the right time for me to transition Western’s ownership, I could not be more excited about what the future holds for our business, our employees and the communities we serve,” said Eble.
This summer, Alta Convenience acquired Red Horse Oil’s Get ‘N Go Stores, a petroleum marketer and convenience-store retailer in Wyoming for more than 60 years.