Convenience Store & Fuel Products Distribution Investment Banking

Raymond James is a leading financial advisor to the convenience store and petroleum distribution industries. Our Convenience Store & Fuel Products Distribution Investment Banking group is dedicated to providing a full range of advisory and capital raising solutions to petroleum distributors, retailers, and related suppliers and service providers. Our senior banking team has a strong track record of working with industry leaders and maintains deep relationships with key industry equity investors, specialty lenders, sale-leaseback providers and other capital sources. In addition, as merger and acquisition specialists, we understand the concerns of buyers and sellers and how to drive value for our clients. Most importantly, our experienced and seasoned transaction team has a history of delivering results.

Convenience Store & Fuel Products Distribution Sector Expertise

 

  • Alternative Fuel Providers
  • Branded Oil Jobbers
  • Bulk & Commercial Lube Distributors
  • Car Wash Operators
  • C-Store Suppliers & Service Providers
  • Convenience Store Retailers
  • Mobile Fueling
  • Propane Marketers
  • Terminal Operators
  • Truck Stops & Travel Centers
  • Wholesale Fuel Distributors

Convenience Store & Fuel Products Distribution Insights

February 2025 Animal Supply Co. has sold assets to Pet Food Experts portfolio company of Dot Family Holdings

February 2025

About Animal Supply Company

Animal Supply Company was one of the largest pet product distributors in the U.S., providing a wide breadth of pet food and supplies across the country.
September 2024 Delek Has divested the company's retail segment to FEMSA

September 2024

About Delek US Holdings

Delek US Holdings, Inc. (“Delek”) is a diversified downstream energy company which holds assets in petroleum refining, logistics, pipelines, renewable fuels, and convenience store retailing.
June 2023 World Kinect $350m Convertible Senior Notes Bookrunning Manager

June 2023

About World Kinect Corporation

Headquartered in Miami, Florida, World Kinect Corporation engages in the distribution of fuel and related products and services in the aviation, marine and land transportation industries worldwide. 
April 2023 Big Red Stores Has been acquired by Circle K A portfolio company of Couche-Tard

April 2023

About Big Red Stores

Summerwood Partners, LLC., d.b.a. Big Red Stores is a premier convenience store chain in Central Arkansas with a strategically developed portfolio over a 75-mile radius with market density in attractive suburban markets. 
April 2022 American Natural portfolio company of Tiger Infrastructure Partners Rights Offering Exclusive Financial Advisor

April 2022

About American Natural

Owned by Cleopatra Resources LLC, American Natural is a Pittsburgh, PA-based convenience store operator and wholesale fuel distributor. 
March 2022 MAPCO has sold select convenience store assets to multiple companies

March 2022

About MAPCO

Based in Franklin, Tennessee, MAPCO operates more than 300 convenience and fuel retailing stores throughout the southeastern region of the United States.
October 2021 ARKO Corp $450,000,000 senior notes offering co-manager

October 2021

About ARKO Corp.

ARKO Corp. owns 100% of GPM Investments, LLC (“GPM”). Based in Richmond, VA, GPM was founded in 2003 with 169 stores and has grown through acquisitions to become the 6th largest convenience store chain in the United States.
September 2021 Hunt and Sons has sold its convenience store assets to an undisclosed buyer

September 2021

About Hunt and Sons

Hunt & Sons, Inc. is a California-based petroleum products distributor. Operating from its headquarters in Sacramento, Hunt & Sons, Inc. family-owned business, and has been in operation for more than 75 years.
March 2021 VERC Enterprises has sold its convenience store assets to Energy Global

March 2021

About VERC Enterprises

VERC Enterprises, Inc. was first established in 1977 by Eugene Vercollone, father of present owners Leo and Paul Vercollone.
December 2020 Haymaker Acquisition Corp II has completed a business combination with ARKO | GPM Investments

December 2020

About Haymaker Acquisition Corp II

Haymaker Acquisition Corp. II (“Haymaker II) is a $400 million blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
October 2020 Recharge Acquisition Corporation $200M initial public offering bookrunning manager

October 2020

About Recharge Acquisition Corporation

Recharge Acquisition Corp. is a special purpose acquisition company (SPAC) whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the convenience store industry and related sectors.
July 2020 Hollingsworth Oil has been acquired by Tri Star Energy

July 2020

About Hollingsworth Oil

Headquartered in Springfield, TN Hollingsworth Oil Company, Inc. is a leading convenience store operator and wholesale fuel supplier in Middle Tennessee operating under the Sudden Service banner.
March 2020 7-Eleven Oklahoma has been acquired by 7-Eleven

March 2020

About 7-Eleven

Headquartered in Oklahoma City, 7-Eleven Stores (the “Company” or “7-Eleven Oklahoma”) is a leading convenience store operator in the Southwestern United States, positioned with significant market share in central Oklahoma and uniquely operating independently under the 7-Eleven brand.
December 2018 Quarles has acquired propane distribution and rail terminal assets from Revere Gas

December 2018

About Quarles

Quarles Petroleum is a regional provider of residential propane and fuel oil, commercial delivered fuels, fleet card sites and services, and lubricants. The family-owned firm is headquartered in Fredericksburg and serves customers throughout Virginia, Maryland, Delaware, West Virginia, Pennsylvania and North Carolina.
November 2018 Road Ranger has been acquired by ENEX

November 2018

About Road Ranger

Based in Rockford, Illinois, Road Ranger, L.L.C. (the “Company”) is the fourth largest travel center operator in the United States with 37 travel centers and 1 convenience store located in five Midwestern states and Texas.
October 2018 Hendels Inc has sold its c-store and fuel distribution assets to Petroleum Marketing Group

October 2018

About Hendels Inc

Headquartered in Waterford, Connecticut, Hendel’s, Inc. is one of Connecticut’s leading convenience store operators and wholesale distributors of motor fuels.
April 2018 Superior Plus Energy Services has sold its wholesale fuel business and refined fuel terminal assets to SunocoLp $55,500,000

April 2018

About Superior Plus Energy Services

Superior Plus Corporation distributes propane, supplies chemicals and technology, and produces potassium products. The Company also distributes wall and ceilings construction products, and provides fixed-price natural gas supply services.
April 2018 GPM Investments has acquired the convenience store assets and operations of EZ Mart

April 2018

About GPM Investments

GPM Investments, LLC, together with its subsidiaries, is one of the largest privately-owned companies in the convenience store channel of business, operating 667 company stores, as well as, over 100 dealer locations.
September 2017 The RW Earhart Company has sold its propane distribution assets to Superior Plus Energy Services

September 2017

About The RW Earhart Company

The R. W. Earhart Company, an energy supplier, provides fuel services to homes, businesses, and governments in the Midwest. It offers farm fuels and heating oil, wholesale fuels, and fleet fueling services. The company also operates fueling stations to fuel vehicles for business customers.
September 2017 The RW Earhart Company has sold its fuel distribution assets to Mansfield

September 2017

About The RW Earhart Company

The R. W. Earhart Company, an energy supplier, provides fuel services to homes, businesses, and governments in the Midwest. It offers farm fuels and heating oil, wholesale fuels, and fleet fueling services. The company also operates fueling stations to fuel vehicles for business customers.
July 2017 Flyers Energy LLC has sold its retail convenience store assets to Andeavor

July 2017

About Flyers Energy LLC

Headquartered in Auburn, California, Flyers Energy, LLC (the “Company”) is a petroleum products distributor operating in five primary business segments: wholesale fuel and lubricants distribution, cardlock / fleet fueling, retail (convenience stores), fuel hauling and renewable fuels.
May 2017 Cracker Barrel has been acquired by Circle K

May 2017

About Cracker Barrel

Cracker Barrel was founded in 1968 with the establishment of a single convenience store in Baton Rouge. In the next nearly five decades, the company grew to 53 stores primarily serving the Baton Rouge and Lafayette, La., markets.
January 2017 Harvest Partners has acquired a minority ownership position in GPM Investments

January 2017

About Harvest Partners

GPM, based in Richmond, VA, operates or supplies fuel to over 1,000 stores located throughout 18 states, making it the overall eighth largest convenience store chain in the country. In addition to quality fuel, GPM’s convenience stores offer a variety of food, beverage and grocery items.

Transaction history may include transactions completed by a Raymond James banker while at a former firm.

Senior Banking Team

Behind our mission to deliver powerful results and personalized strategies for our clients is our team of convenience store & fuel products distribution investment banking professionals.

Meet the team

Industry Insights

Select your areas of interest to begin receiving our insights and other updates.

Sign up for our newsletters

J.D. Power 2025 U.S. Investor Satisfaction Study, which measures overall investor satisfaction with investment firms, was released 3/20/25, based on investors surveyed 1/24-12/24, who may be working with a financial advisor. Based on 7,876 responses from Advised Investors, 1 company out of 24 was chosen as the winner. The award is not representative of any one client’s experience, is not an endorsement, and is not indicative of an advisor’s future performance. The study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. J.D. Power is not affiliated with Raymond James. For J.D. Power 2025 award information, visit jdpower.com/awards.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

© 2025 Raymond James Financial, Inc. All rights reserved.


Raymond James & Associates, Inc., member New York Stock Exchange / SIPC, and Raymond James Financial Services, Inc., member FINRA / SIPC, are subsidiaries of Raymond James Financial, Inc.

Raymond James® and Raymond James Financial® are registered trademarks of Raymond James Financial, Inc.

Raymond James & Associates Statement of Financial Condition - March 2025 (PDF)