TRAVERSE CITY — Schmuckal Oil Co., a family-owned operator of gas station convenience stores in the northern and western Lower Peninsula, has sold its assets to an Ohio firm.
In the deal for Schmuckal, Brecksville, Ohio-based True North Energy LLC picks up 25 convenience store locations and a small wholesale fuel and transportation business, according to a statement.
True North Energy is a joint venture formed in 1999 between the Lynden family, who has operated in the business for 100 years, and the Shell Oil Co.
Schmuckal Oil worked with Matrix Capital Markets Group Inc., an independent investment bank based in Richmond, Va., on the structured sale of the family business.
Minneapolis, Minn.-based Winthrop & Weinstine PA served as legal counsel for Schmuckal Oil.
“While it is emotional and challenging to sell a business, we felt the time was right for the family to find another company with the culture of a ‘family owned and operated’ business to take our operation into the future,” Schmuckal Oil CEO Kevin Severt said in a statement.
Schmuckal Oil’s convenience stores included six West Michigan locations in Holland, Grand Haven, Spring Lake and Whitehall. The company also operated stores in Cadillac, Houghton Lake, Frankfort, and the Traverse City area.
According to a report in the industry publication CSP, True North plans to convert all the stores to Shell Oil if they aren’t already and rebrand them as Truenorth.
True North Energy primarily operates gas station convenience stores in the markets of Chicago; Cleveland, Columbus, Dayton, Toledo and Youngstown, Ohio; and Detroit, Mich.
Terms of the deal were not disclosed.