Melvin L. Davis Oil sells retail assets to PMG
The transaction includes two high-volume, full-service travel centers and two large-format convenience stores.
Melvin L. Davis Oil Company announced the sale of its travel centers and convenience stores to a subsidiary of Petroleum Marketing Group. The deal includes First’s fuel retail assets as well as quick-service restaurants, according to the deal overseen by Matrix Capital Markets Group.
The companies have entered into a transition services agreement for full-service, high-volume travel centers located in south-central Virginia. Both sites are part of the AMBEST network of independent truck stops. Davis also operates two full-size convenience stores under the company’s Davis Express store brand and numerous branded quick-service restaurants, including Wendy’s, Popeyes, Little Caesars, Subway, Starbucks and Dunkin’ Donuts.
Melvin L. Davis Oil Company was founded in 1956 in Sussex, Virginia when Irvin Davis, Sr. and his son, Melvin Davis, Sr. began operating a single restaurant and gas station in Stony Creek, Virginia. . During the 1980s, Davis expanded into convenience retailing, eventually operating as many as 14 traditional convenience stores.
Now under the leadership of Melvin Davis Jr. and J. Rex Davis, who represent the third generation of the Davis family, the company has been operating in travel centers, convenience stores, restaurants and fuels for more than 65 years. Travel centers and convenience stores offer Exxon or Mobil branded fuels and both travel centers also sell unbranded diesel fuels in their high-speed diesel islands.