MOUNT VERNON, N.Y. — Atlantis Management Group LLC has acquired Americana Petroleum Corp. and Major Fuel Carriers Corp. The assets, all located in Suffolk County, N.Y., consist of eight retail gas locations with convenience stores or service bays, a wholesale fuels business and delivery trucks.
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The retail sites are a mix of company-operated and tenant-operated locations selling Sunoco’s Coastal brand of fuels.
With 85 locations, Mount Vernon, N.Y.-based Atlantis Management Group is No. 75 in CSP's 2019 Top 202 ranking of c-store chains by number of retail outlets.
The acquisition “allows us to focus on expanding our footprint throughout the Northeast,” said Tumay Basaranlar, CEO of Atlantis Management Group.
Founded in 1978, Ronkonkoma, N.Y.-based Americana Petroleum for the past 15 months had been managed by Frank Mascolo Jr., son of founder Frank Mascolo, since his father's death in June 2018.
“This sale transaction represents the culmination of over 40 years in business and is a tribute to my father’s legacy in the fuels industry,” said Frank Mascolo Jr.
Petroleum Equity Group served as the lead adviser to Americana Petroleum, and Petroleum Capital and Real Estate LLC served as the lead adviser to Atlantis Management Group.
Chappaqua, N.Y.-based Petroleum Equity Group is a full-service advisory company to the downstream fuels and c-store industry. It provides merger-and-acquisition services and support, business assessment and valuation analysis, financing and other industry-related services. Since 2008, the company has worked with major and regional oil companies, including Shell/Motiva, ExxonMobil, Sunoco, CITGO, Hess and Gulf; large chain operators such as Cumberland Farms, Speedway, Circle K and 7-Eleven; and jobbers across the United States.
Petroleum Capital & Real Estate, Baltimore, provides buy-side, sell-side, refinancing and capital restructuring services for clients in the downstream multisite retail and wholesale petroleum industry. Since its formation in 2009, the company has completed closings totaling more than $2.4 billion.