Blythewood Oil Co., a second-generation company founded in 1976 by Larry Sharpe Sr., has inked a deal to sell its c-store network to the Petroleum Marketing Group (PMG).
Blythewood operated nine convenience stores, wholesale fuel sales and transportation businesses and has had an affiliation with Exxon and Mobil throughout its tenure. All nine of the Blythewood stores are located between Charlotte, N.C., and Columbia, S.C.
Even though the Sharpe family had decided to exit the convenience store business, they still remain in the transportation and dealer businesses.
PMG began in the 1970s when Hossein Ejtemai acquired his first gas station. A graduate of George Washington University with a master’s degree in Computer Science and Engineering Administration, Ejtemai continued to grow the business with more service sites in the Washington, D.C., area, and by 2001 his operations had grown large enough that he could form PMG.
In 2004, PMG also began making major acquisitions, purchasing 150 sites in Maryland and Virginia and adding over 500 more sites by the end of 2012. Today, PMG employs over 600 people and serves 1,200 gas stations from Maine to Florida, making it one of the largest wholesalers and distributors of petroleum products on the East Coast. The company’s transportation division and its partners collectively deliver over a billion gallons of fuel per year.
American Business Brokers & Advisors provided merger and acquisition advisory services to Blythewood Oil which included valuation advisory, marketing the business through a confidential process and negotiation of the transaction. The transaction was managed by Terry Monroe, president.
Financial details of the transaction were not disclosed.