AMG Acquires Datillo Petroleum In Large Northeastern Acquisition | CSNEWS
MOUNT VERNON, N.Y. — It's another acquisition in the books for 2018 as Atlantis Management Group LLC (AMG) successfully closes on the acquisition of Dattilo Petroleum Inc. and its affiliated companies.<br><br>Dattilo's retail chain is tightly clustered around several densely populated and affluent suburban counties immediately north and west of New York. The network features a mix of sites operated by commission marketers and company-operated locations.<br><br>The deal includes 27 Shell and CITGO branded retail sites located in New York and New Jersey.<br><br>Established in 2006, Mount Vernon-based AMG is a Shell, Exxon, Mobil, BP and Gulf branded wholesale distributor and a leading regional supplier of branded and unbranded petroleum and c-store products in the northeast. The company is one of the largest Dunkin' Donuts franchisees in the New York metropolitan area and also operates a chain of company-operated c-stores under its proprietary Atlantis Fresh Market.<br><br>Petroleum Capital and Real Estate LLC (PetroCapRE) exclusively represented AMG and provided professional assistance in the initial financial due diligence process, acquisition modeling, contract negotiations and procurement of capital required to close the overall transaction.<br><br>"We are excited that our firm could support AMG throughout this transaction process," said John Flippen, managing director and principal of PetroCapRE. "This was a great opportunity for our client to acquire a large number of premium real estate sites that were located within the company's current retail footprint. The new sites will complement AMG's existing network of dealer, commission marketer and company-operated locations.<br><br>"Our firm was able to negotiate a multi-tiered capital product that will provide the flexibility needed to upgrade and rationalize the retail sites on a post-closing basis. We are honored that AMG chose PetroCapRE to be their exclusive financial advisor for this transaction and enjoyed working with their entire senior management team led by the company's CEO, Tumay Basaranlar, and president, Jose Montero," he added.<br><br>This transaction was AMG's second major retail acquisition within the past 13 months. In November 2017, the company acquired 51 CITGO branded retail sites that operate under the Food Bag c-store brand from General Equities Inc. The vast majority of these sites were also located in the northeast, and PetroCapRE acted as AMG's financial advisor on that acquisition.<br><br>"We would like to thank everyone involved in the transaction, especially the Atlantis team, and PetroCapRE for being an indispensable sounding board that took responsibility for the myriad of complexities needed to complete the acquisition, so that AMG could focus on enriching the transaction by working more closely with the seller," Basaranlar said.