Brecksville-based True North Energy LLC has closed on the purchase of 25 convenience retailing and petroleum marketing assets from Schmuckal Oil Co. and its affiliates in the Traverse City, Mich., market. The deal also includes Schmuckal’s wholesale fuel and transportation businesses.
According to Convenience Store Products, the newly acquired convenience stores will continue as or will be converted to the Shell Fuel brand. The company will rebrand the stores to the Truenorth brand, which complements the acquisition’s geographic position. The company will also look at other growth opportunities in the area while upgrading the existing store base.
True North Energy now offers fuel and convenience items at 135 company-operated locations, in addition to supplying fuel to approximately 200 Shell-branded dealers. The company’s retail footprint includes stores primarily located in Chicago; Cleveland, Columbus, Dayton, Toledo and Youngstown, Ohio; Detroit and now Traverse City, Mich.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to Schmuckal, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions.