Pops Mart Fuel LLC sold 36 locations to Sunoco LP in a transaction that closed this past week. Prior to the sale, the company owned 54 stores across North Carolina, South Carolina and Wisconsin.
Fort Myers Beach, Florida-based firm American Business Brokers & Advisors provided merger and acquisition advisory services to Pops Mart Fuel.
Pops Mart Fuel’s CEO Don Draughon said that Pops Mart had considered acquiring more dealer sites and continuing to grow their footprint when they were approached by Sunoco LP. The synergies between the two companies was a factor in considering the sale, he said.
Financial details of the transaction were not disclosed.
Last year, Sunoco acquired Parkland Corporation, gaining over 200 stores in the United States. With the acquisition, Sunoco became the largest independent fuel distributor in the Americas.
“This strategic combination is a compelling outcome for Parkland shareholders,” said Michael Jennings, executive chairman of Parkland, when the acquisition was first announced. “The Board unanimously recommends the proposed transaction, recognizing Sunoco’s commitment to safeguarding Canadian jobs, retaining the Calgary head office and further investing in Canada. This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.”