Petroleum Marketing Group Acquires Holt Oil Company

Holt sold all 19 petroleum marketing and convenience retail stores and its wholesale dealer business.

November 10, 2022

ALEXANDRIA, Va.—North Carolina-based Holt Oil Company has sold its 19 petroleum marketing and convenience retail stores and wholesale dealer business to Petroleum Marketing Group, a Falls Church, Virginia-based fuel distributor.  

Holt Oil Company is a third-generation, family-owned and -operated business with roots in Fayetteville, North Carolina, with William D. Holt founding the company’s predecessor entity Crystal Oil Co. in downtown Fayetteville in 1930.

“It has been a pleasure to be involved in this family business serving the motoring public for all these many years. It has been an honor to work alongside the best group of people I could ask for,” said Louis Cox, president of Holt.

Holt Oil Company originally operated a few gasoline stations and later moved into the home heating oil business. In 1958, William’s son, Charles, joined the company and helped secure Holt’s first Gulf distributorship. A few years later, William’s youngest son, Henry, joined the company and both successfully operated the business as partners for over 40 years, increasing the gasoline station count to 22 sites across four counties in North Carolina.

Over time, additional family members, Hannah Holt and Louis Cox, as well as brothers Walter and Bill Holt also joined the company. Through their vision and leadership Holt continued to expand its company-operated convenience stores and in 1989 opened its first Subway franchise.

“I am confident that we made the right choice with PMG,” Cox added.

Matrix Capital Markets Group Inc., a leading, independent investment bank, advised Holt Oil Company on the sale.