Alta Convenience announced that it has acquired Western Oil’s 46 Petro-Mart stores and 39 wholesale dealers.
Western Oil, founded by George Eble, Jr. over 30 years ago, has grown as a petroleum marketer and convenience-store retailer in the greater St. Louis region, with more than 50 locations in Missouri and Illinois.
“It’s rare to have an opportunity to acquire a portfolio of stores that have both quality locations as well as being operationally sound. It was a pleasure getting to know and work with George, Grant and Vickie Eble on this transaction,” said Rich Spresser, president of Alta.
After closing, Spresser and Chief Financial Officer Monte McGilvray will work to integrate Petro-Mart into the Denver-based Alta. “I am extremely proud of what the Western team has built from our beginnings over 30 years ago, and I am confident that our progress will continue under Alta’s ownership and Rich’s further stewardship.
While it was the right time for me to transition Western’s ownership, I could not be more excited about what the future holds for our business, our employees and the communities we serve,” said Eble. Trefethen Advisors, an investment bank based in Scottsdale, Ariz., provided advisory services to Alta Convenience.
“It is very special to have advised Alta Convenience on another acquisition,” said Bill Trefethen, managing partner of Trefethen Advisors. “The current ownership group and management team have grown and significantly improved the chain. We look forward to watching the company continue to grow.”
Alta Convenience has 111 convenience stores located in five states (Colorado, Kansas, Nebraska, New Mexico and Wyoming) and markets fuel under various brands, including Phillips 66, Conoco, Exxon and Mobil.
The company was purchased in January 2021 by a joint venture between affiliates of Fortress Investment Group and a subsidiary of Phillips 66 Co.