Company sells c-store to Growmark affiliates,
Photograph courtesy of American Business Brokers & Advisors
MANLIUS, Ill. — Agview FS Inc. and Gold Star FS Inc. have acquired Manlius Oil Co., a fuel distributor, propane company and convenience-store operator.
Agview, Princeton, Ill., and Gold Star, Cambridge, Ill., are affiliates of Growmark Inc., a Bloomington, Ill.-based agricultural cooperative serving cooperatives, retailers, businesses and customers in the United States and Canada, with a network of approximately 300 Fast Stop-branded gas stations and c-stores in the Midwest.
Manlius Oil operates one 24-hour gas station, convenience store and restaurant located in Manlius, Ill. It specializes in delivering gasoline, propane, heating oil and fuel to residential and commercial clients and farmers.
Established in 1959 by Bill and Carolyn Doty, Manlius Oil is one of the largest independent propane dealers in its area, severing more than 3,000 residential and commercial customers in Bureau, Henry, Whiteside, LaSalle, Putman, Stark, Knox, Lee, Peoria and Rock Island counties in Illinois.
Following the death in 2017 of Bill Doty, and after 60 years of building the business and serving their customers, the Doty family has decided to exit the fuels and c-store business and Carolyn Doty and her son, Mitch Doty, will retire.
Terry Monroe, founder and president of American Business Brokers & Advisors, Effingham, Ill., and Bill Fecht of WJF Services Inc., Bloomington, provided merger and acquisition advisory services to Manlius Oil, which included valuation advisory, marketing and negotiation of the transaction.
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