Melvin L. Davis Oil Co. Sells Property
An affiliate of Petroleum Advertising Group acquired Davis’ freeway journey facilities, comfort retail shops and QSRs.
Melvin L. Davis Oil Co. d/b/a Davis Journey Facilities bought its freeway journey facilities, comfort retail shops and quick-service eating places to an affiliate of Petroleum Advertising Group (PMG). As a part of the transaction, Davis and PMG have entered right into a transition providers settlement.
Davis’ two high-volume, full-service journey facilities are situated alongside I-95 and I-85 in South Central Virginia and are a part of the AMBEST community of unbiased truck stops. Along with its journey facilities, Davis additionally operates two large-format comfort shops beneath the corporate’s Davis Specific retailer model and quite a few branded quick-service eating places, which embody Wendy’s, Popeyes, Little Caesars, Subway, Starbucks and Dunkin’ Donuts. The journey facilities and comfort shops provide Exxon or Mobil branded fuels and the 2 journey facilities additionally promote unbranded diesel fuels at their high-speed diesel islands.
Davis was based in 1956 in Sussex, Va. when Irvin Davis, Sr. and his son, Melvin Davis, Sr. started working a single restaurant and gasoline filling station in Stony Creek, Va. Throughout the Eighties, Davis expanded into the comfort retail enterprise, ultimately working as much as 14 conventional comfort shops. Now beneath the management of Melvin “Mel” Davis Jr. and J. Rex Davis, who characterize the third era of the Davis household, the corporate has operated within the journey heart, comfort retail, restaurant and fuels companies for over 65 years.
Matrix offered merger and acquisition advisory providers to Davis, which included valuation advisory, advertising the enterprise by means of a confidential, structured sale course of and negotiation of the transaction.
“All through your complete course of, the Matrix crew offered glorious steering and recommendation. Their decided, but versatile strategy and confirmed methodology allowed for one of the best consequence for all events. Merely put, we couldn’t have achieved this with out them,” Rex Davis commented.
“We very a lot respect the belief that Mel and Rex positioned in us to advise them on the sale of the unimaginable enterprise they’ve labored so onerous to construct. These amenities and operations are best-in-class, which is how they’ve developed such a big and constant industrial driver and passenger car buyer base from vacationers alongside the I-95 and I-85 corridors in southern Virginia,” Cedric Fortemps, CFA, co-head of Matrix’s Downstream Power & Comfort Retail Funding Banking Group, added.