Santmyer Companies Sells C-Stores and Wholesale Business

Par Mar Oil Company acquires the company’s Red Rover c-stores.

December 22, 2023

In a two-part deal, Santmyer Companies sold its 14 Red Rover convenience stores to Par Mar Oil Company and its branded dealer wholesale business to Countywide Petroleum Company.

Santmyer was founded in 1952 when Myron Santmyer opened a Gulf service station in Dalton, Ohio. In 1980, Myron’s son Terry Santmyer purchased the business and began building the company into a full-service petroleum marketer. In early 2023, the company purchased the commercial fuels and assets of Cole Distributing and decided to divest its convenience retail and branded wholesale businesses.

“We are committed to evolving and growing our company based on our core competencies, and we engaged Matrix years ago as an advisor in that planning and evaluation process. Based on our strategic goals, we decided to divest our convenience retail and branded dealer wholesale businesses to narrow our strategic focus on commercial fuels, propane, lubricants, automated cardlocks and car washes,” said Zach Santmyer, president of Santmyer. “This transaction puts Santmyer in a great position to pursue future growth opportunities that align with these segments going forward. The Matrix team ran a very structured process that yielded an outstanding result, and I would like to thank them for the expertise and dedication they provided throughout this transaction.”

Matrix provided merger and acquisition advisory services to Santmyer, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.