Dive Brief:
- Poppy Markets has acquired Engineer’s Associates, Inc. and its affiliates, doing business as National Petroleum, according to a Thursday press release from Matrix Capital, which advised National Petroleum on the sale.
- The deal includes 11 c-stores in California and a fuel distribution business that supplies more than 100 dealers, according to the release.
- C-store M&A has picked up in recent weeks, with Good Oil buying Big Mike’s Gas N Go, Blarney Castle Oil buying Pri Mar and Sunoco making a $9.1 billion offer for Parkland.
Dive Insight:
This acquisition more than triples Poppy’s network, which stood at four sites before the deal, according to the company website — in Arbuckle, Pismo Beach, Pittsburg and Adelanto, California.
The West Coast convenience chain, which shares leadership with Loop Neighborhood Markets, debuted in early 2023. The banner launched as a way to allow Loop to offer other fuel brands besides Shell, which is part owner of Loop.
Now, with the National Petroleum deal, Poppy has a fuel wholesale business that not only markets gas under the Valero, Chevron, Shell, Exxon and Mobil brands but also has its own proprietary National fuel brand.
Terms of the deal were not released.
Representatives from Poppy Markets could not be reached by press time for comment about whether the stores will be rebranded.
