ALEXANDRIA, Va.—Tri-State Petroleum Corporation has sold its 25 company-operated petroleum marketing and convenience retail stores, eight wholesale dealer accounts and two commercial fuels bulk plants located in the tri-state region of western Pennsylvania, northern West Virginia and eastern Ohio to Majors Management LLC and its affiliates.
Tri-State was founded in 1974 by Edward J. Coyne, I and Elizabeth J. Coyne as an Atlantic Richfield distributor of tires, batteries and automotive accessories. In 1976, the company began barging fuel oil through its Wheeling, West Virginia, terminal and bulk plant facility that served chemical, coal and other industrial customers throughout the upper Ohio Valley region. In the late 1980s and early 1990s, the company implemented a strategic plan to expand into retail fuel marketing, by leveraging supply contracts with BP, Exxon, Citgo and Sunoco and acquiring two portfolios from BP in the mid-1990s, including company-operated convenience stores and wholesale dealer accounts. The company continued its path of growth in 2002, when it acquired 18 petroleum marketing and convenience store locations from ExxonMobil Corporation.
Edward and Elizabeth’s children joined the business during the 1980s and 1990s and still continue to manage the company in various executive roles today. In 2012, Tri-State entered into a new branded supply agreement with Marathon Petroleum Corporation, rebranding the majority of its petroleum marketing assets, and has subsequently become one of the leading Marathon distributors and convenience retailers in its trade area.
“Two generations of the Coyne family have worked tirelessly for nearly 50 years to build Tri-State into one of the leading petroleum marketers in the eastern Ohio Valley. It was a pleasure working with Colleen, Erin, Sheila, and Ed throughout the process, and an honor to represent the family when they made the important decision to pursue an exit from the business,” said Spencer Cavalier, co-head of downstream energy and convenience retail investment banking group, Matrix, which provided merger and acquisition advisory services to Tri-State.