Dive Brief:
- Par Mar Oil has acquired 14 convenience stores from convenience and fuel retailer Santmyer Companies, Inc., according to a Monday announcement from Matrix Capital Markets Group, which coordinated the deal.
- All 14 locations are based in Ohio and operate under Santmyer’s Red Rover c-store banner. In another part of the deal, Santmyer has sold its branded dealer wholesale business to fuel distributor Countywide Petroleum Company.
- For Par Mar, this expands its footprint throughout its home state of Ohio, where it already operates around 60 convenience stores, according to its website.
Dive Insight:
While Par Mar is no stranger to Ohio, many of the Red Rover stores it’s acquiring are located in cities where Par Mar has yet to establish its footprint. Those regions include Marengo, Mount Vernon, Canton, Dalton, Millersburg and Sugarcreek.
Some of the Red Rover stores are located in Wooster, Howard and Dundee, where Par Mar already operates several locations.
Most of the locations allow 24-hour access to both the convenience store and fuel pumps, according to Santmyer’s website. Some offer Santmyer’s own fuel, while others provide gasoline from Exxon Mobil or Marathon Petroleum.
Red Rover convenience stores also offer an in-store deli, featuring hot and cold handmade sandwiches, fruit cups and more.
Santmyer, which was founded in 1952, undertook a strategic review in 2021 to assess its capital allocation and return on investment throughout its business, according to the announcement. The company then decided to solely focus on its commercial fuels, propane and lubricants segments and divest its c-store and branded wholesale division.
“Based on our strategic goals, we decided to divest our convenience retail and branded dealer wholesale businesses to narrow our strategic focus on commercial fuels, propane, lubricants, automated cardlocks and car washes,” Zach Santmyer, president of Santmyer, said in the announcement.
Founded in 1967, Marietta, Ohio-based Par Mar Oil operates about 250 convenience stores across Ohio, West Virginia, Pennsylvania, Kentucky, Virginia and Maryland. The retailer also operates several Dairy Queen and Arby’s restaurants, as well as one IHOP location.
