USA: Melvin L. Davis Oil sells retail assets to PMG

The transaction includes two high-volume and full-service travel centres as well as two large-format convenience stores.

Melvin L. Davis Oil Company has announced the sale of its travel centres and convenience stores to an affiliate of Petroleum Marketing Group. The deal includes the first’s fuel retail assets as well as quick-service restaurants, according to the agreement supervised by Matrix Capital Markets Group.

The companies have entered into a transition services agreement for the high-volume, full-service travel centres located in South Central Virginia. Both locations are part of the AMBEST network of independent truck stops. Davis also operates two large-format convenience stores under the Company’s Davis Express store brand and numerous branded quick-service restaurants, which include Wendy’s, Popeyes, Little Caesars, Subway, Starbucks, and Dunkin’ Donuts.

Melvin L. Davis Oil Company was founded in 1956 in Sussex, Virginia when Irvin Davis, Sr. and his son, Melvin Davis, Sr. began operating a single restaurant and gasoline filling station in Stony Creek, Virginia. During the 1980’s, Davis expanded into the convenience retail business, eventually operating up to 14 traditional convenience stores.

Now under the leadership of Melvin Davis Jr. and J. Rex Davis, who represent the third generation of the Davis family, the Company has operated in the travel centre, convenience retail, restaurant, and fuels businesses for over 65 years. The travel centres and convenience stores offer Exxon or Mobil branded fuels and the two travel centres also sell unbranded diesel fuels at their high-speed diesel islands.