FAIRFAX, Va. -- Exxon Mobil Corp.'s drive to convert its company-owned convenience stores to a branded wholesale business is nearly complete with the news it has sold a majority of its retail sites in New Jersey.
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, ExxonMobil has sold and transferred ownership to approximately 126 locations based in central and northern New Jersey, representing more than half of the oil giant’s company-owned retail assets in the Garden State. This caps nearly one year of work following an agreement by ExxonMobil on how best to divest its assets while meeting the state’s Right of First Refusal state.
“We are pleased to have participated in some of the New Jersey Exxon acquisitions and to have helped those franchisees who have worked so hard over the years to realize a dream of owning the property on which their stores operate,” Ken Shriber, managing director of Chappaqua, N.Y.-based Petroleum Equity Group, told CSP Daily News.
Last November, ExxonMobil announced plans to divest 236 company-owned gas stations and convenience stores in New Jersey, describing the news as “the last market announcement in our strategy to convert our company-owned retail assets to a branded wholesaler business.” (See Related Content below for more.)
Shriber served as exclusive advisor on several recent acquisitions in the selloff. He was especially familiar with the properties based on his background as a former executive at Exxon Mobil Corp. and a part of the management team that presided over the retail franchise operations in New Jersey in the 1990s.
“It gave me both professional and great personal pleasure,” Shriber said, “in helping Exxon franchisees become owners of their locations, which will now allow them to control their future destiny while maintaining the Exxon brand."