Kent Distributors Inc. closed on its acquisition of Parsons Oil Co., giving it an entry point into Tennessee.
The deal supports Kent Distributors growth plans for central Tennessee and Northern Alabama. Kent Distributors is part of the Midland-based Kent family of companies that also includes Kent Kwik convenience stores, Kent Lubrication Centers, Kent Tire Co. and other related entities.
Fayetteville, Tenn.-based Parsons Oil operates the Buy Fast c-store chain. "Our acquisition team is always looking for unique opportunities to extend our retail formula of success to high growth areas of the country. Acquiring Parsons Oil and the Buy Fast stores allow us to do that," said Bill Kent, chairman and CEO of the Kent Cos.
"After conducting our initial visit, we recognized the close proximity that Fayetteville has to rapidly growing Huntsville, Ala. In fact, Fayetteville being a bedroom community to Huntsville really aligned the deal with our growth plans," Kent added.
"In addition to the Buy Fast c-stores, we also acquired the Big Chicken truck stop, the first truck stop on the Tennessee side of the state line. We are looking forward to enhancing the success of this unique site by incorporating the Kent Kwik brand and our proven operational formula."
The acquisition includes five company-operated Shell branded retail fuel sites, a book of branded and unbranded dealer supply accounts, a commercial lubes and fuel distribution business, the bulk plant, office and other related assets.
Over the next weeks, the facilities will be rebranded to Chevron and the stores to Kent Kwik.
Parsons Oil was founded in 1927 by the great-grand father and grandfather of current owner, Bill Parsons.