Parsons Oil owners retiring with sale to Texas-based company,
Photograph courtesy of PetroActive Real Estate Services
MIDLAND, Texas — Kent Distributors Inc. has entered the state of Tennessee with the closing of the purchase of Parsons Oil Co. Inc., Fayetteville, Tenn. The acquisition includes five company-operated, Shell-branded retail petroleum sites in Tennessee–four Buy Fast convenience stores and the Big Chicken truckstop.
Over the next weeks, Kent Distributors will be rebranded the fuel to Chevron and the stores to Kent Kwik.
The deal also includes branded and unbranded dealer supply accounts, a commercial lubes and fuel distribution business, a bulk plant, office and related assets.
This acquisition provides an important strategic foothold to support the company’s growth plans in both central Tennessee, northern Alabama and beyond, the company said.
“Our acquisition team is always looking for unique opportunities to extend our retail formula of success to high growth areas of the country. Acquiring Parsons Oil and the Buy Fast stores allow us to do that,” said Bill Kent, chairman and CEO of the Kent Cos., Midland, Texas. “After conducting our initial visit, we recognized the close proximity that Fayetteville has to rapidly growing Huntsville, Ala. In fact, Fayetteville being a bedroom community to Huntsville really aligned the deal with our growth plans.”
The truckstop is the first one located on the Tennessee side of the state line. “We are looking forward to enhancing the success of this unique site by incorporating the Kent Kwik brand and our proven operational formula,” said Kent.
Parsons Oil is a multi-generational marketer. Founded in 1927 by the great-grandfather and grandfather of current owner Bill Parsons, the company has been serving southcentral Tennessee for more than 93 years.
“It’s hard to imagine that with this sale, my tenure as the owner and president of Parsons Oil will be the last link with the past,” Bill Parsons said. “I’ve really enjoyed my petroleum career, having built and managed our business with a very fine group of dedicated managers and employees. We didn’t have someone in the wings to turn the company over to and it became apparent that the time was right to sell. I couldn’t be happier that the business and our stores will now be owned by Bill Kent and his fine company, and I sincerely believe that the future will be bright for both our customers and employees. My wife Monica and I are looking forward to some new adventures in retirement.”
PetroActive Real Estate Services LLC provided confidential turnkey advisory guidance to Parsons Oil on this transaction.
“We at PetroActive Services thank Bill and Monica Parsons for the confidence that they placed in our firm to represent them and we wish them well in retirement,” said Mark Radosevich, president of Miami-based PetroActive. “Bill Kent and I have been friends for 20 years, and I’m delighted that he and his company were able to successfully conclude this transaction, and I’m equally delighted to be the one to bring his company to the fine state of Tennessee, which has been my family’s adopted home for over 12 years. It’s definitely going to be interesting as he expands his Texas-based Kent Kwik operation into the Volunteer State. Knowing Bill, it’s bound to be a fun adventure.”
Founded in 1957, the Kent family of companies has grown to include the Kent Distributors, Kent Kwik c-stores, Kent Lubrication Centers, Kent Tire Co. and related entities.
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