Written on: September 15, 2021 by ICM
Waterbury, CT-based Mercury Fuel Service, Inc. has sold 20 petroleum marketing and convenience retail stores and its fuels wholesale business. Matrix Capital Markets Group, Inc. advised Mercury Fuel Service, Inc. for the deal. Terms of the deals were not disclosed.
Eight of the stores were acquired by EG Group. Twelve of the stores and Mercury’s fuels wholesale business were acquired by affiliates of CCO, LLC (Sam’s Food Stores). The stores are all located in Connecticut and sell the company’s proprietary branded fuel, Price Cutter, as well as Sunoco, Mobil, Gulf and Citgo branded fuel. The wholesale business serves dealer accounts in Connecticut, Massachusetts and New York.
As part of the transactions, Mercury has retained the real estate and entered into long-term leases with the buyers of nine stores.
Mercury Fuel Service, Inc. was founded in 1947 by two brothers, Michael Devino and Thomas “Babe” Devino. Originally established as a small retail home heating oil business, the Company initially operated out of a modest three-bay garage and owned a vehicle fleet consisting of just one 500-gallon delivery truck. Over the years, the company expanded into motor fuels distribution and operating convenience stores and gas stations.
Second-generation owners, brothers Michael Devino, Jr., President, Martin Devino, CFO, and Thomas Devino, VP, helped to significantly grow the retail gasoline business by pursuing desirable real estate, going to market with an aggressive pricing strategy, and offering consistent and high-quality service to their customer base.
“We have built a solid and thriving business over the past 74 years and are proud of everything we have accomplished,” said Michael Devino.