Dive Brief:
- Sunoco has bought the convenience retail division of Jernigan Oil Company for an undisclosed amount, according to a Monday announcement from Matrix Capital Markets Group, which advised Jernigan on the deal.
- This deal includes 56 Duck Thru Food Stores in eastern North Carolina and southeast Virginia. The stores will become part of Sunoco Retail, an affiliate of the fuel giant, according to the announcement.
- Sunoco also made another c-store purchase earlier this year, picking up 36 Pops Mart stores along with the company’s wholesale business in a multi-part deal.
Dive Insight:
Sunoco made waves in 2025 when it bought out Parkland Corp. for $9.1 billion. While the Canadian company’s fuels business was the main draw for Sunoco, its purchase also included more than 3,600 retail sites in North America, including almost 700 c-stores in the U.S. One question that arose after the acquisition was whether or not Sunoco would sell these retail locations.
Instead, the company seems to be doubling down on retail. While its Pops Mart deal augmented its fuel business, the purchase of Duck Thru only includes retail locations, according to the announcement.
Ahoskie, North Carolina-based Jernigan began as a farm machinery business in 1948 and added its first c-store in 1983.
“We want to thank our employees for their sacrifices, hard work, and dedication to Duck Thru Food Stores and Jernigan Oil Company,” said Michael Harrell, president of Jernigan Oil. “The strength and success of this company was built by our employees, and I am sincerely thankful for their commitment, pride, and the countless ways they made this journey possible.”
Jernigan plans to use the proceeds from this sale to reinvest in growth for its other businesses, which include propane distribution, commercial fuels, fuels transportation and marina operations.
