The company’s two high-volume, full-service travel centers are located along I-95 and I-85 in South Central Virginia and are part of the AMBEST network of independent truck stops. In addition to its travel centers, Davis also operates two large-format convenience stores under the Company’s Davis Express store brand and numerous branded quick-service restaurants, which include Wendy’s, Popeyes, Little Caesars, Subway, Starbucks, and Dunkin’ Donuts. The travel centers and convenience stores offer Exxon or Mobil branded fuels and the two travel centers also sell unbranded diesel fuels at their high-speed diesel islands.
Matrix provided merger and acquisition advisory services to Davis, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, Stephen Lynch, CFA, CPA, Director, John Mickelinc, CFA, Associate, and Alex Harper, Analyst.Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it has advised Melvin L. Davis Oil Company, Inc. d/b/a Davis Travel Centers on the sale of its highway travel centers, convenience retail stores, and quick-service restaurants to an affiliate of Petroleum Marketing Group, Inc. As part of the transaction, Davis and PMG have entered into a transition services agreement.
The company was founded in 1956 in Sussex, Virginia when Irvin Davis, Sr. and his son, Melvin Davis, Sr. began operating a single restaurant and gasoline filling station in Stony Creek, Virginia. During the 1980’s, Davis expanded into the convenience retail business, eventually operating up to 14 traditional convenience stores. Now under the leadership of Melvin (“Mel”) Davis Jr. and J. Rex Davis, who represent the third generation of the Davis family, the company has operated in the travel center, convenience retail, restaurant, and fuels businesses for over 65 years.
Fortemps added, “We very much appreciate the trust that Mel and Rex placed in us to advise them on the sale of the incredible business they’ve worked so hard to build. These facilities and operations are best-in-class, which is how they have developed such a large and loyal commercial driver and passenger vehicle customer base from travelers along the I-95 and I-85 corridors in southern Virginia.”NACS, the association that advances convenience and fuel retailing, is the publisher of Fuels Market News, which provides fuels industry news and information that readers need to plan, execute and settle over $1.5 trillion in fuel transactions in the U.S. each year.Rex Davis commented, “Throughout the entire process, the Matrix team provided excellent guidance and advice. Their determined, yet flexible approach and proven methodology allowed for the best outcome for all parties. Simply put, we could not have achieved this without them.”
Operator of drive stops intended to offer relaxation while refueling. The company offers highway travel centers, convenience retail stores and quick-service restaurants, enabling drivers, travelers and commuters to get assistance they need in clean and comfortable facilities.
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The Jeff Davis Parish Police Jury unanimously voted Wednesday to rezone land just off Interstate 10 in Roanoke from agriculture to commercial for a travel center/truck stop with future plans for a hotel.
In a separate request, police jurors also unanimously approved a request from Beau and Taylor Fontenot to change the zoning classification from agriculture to commercial for a photography studio on Grand Marais Road, off LA 26, just north of Jennings.Local businessman Khaliique Chaudhry wants to build a travel center/truck stop on a 5-acre site on LA 395, just off Interstate 10 in Roanoke. Future plans for the property also include a hotel, according to Chaudhry.
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First, make sure you add a Payment Method in your profile. When you are ready to pay, select the “Show Card” button in the App. It will give you a QR code to scan at the register.Physical Subway® Cards can be purchased at participating Subway® restaurant locations throughout the U.S. and Canada, online at subway.com or at authorized resellers, retail and online stores. eGift Cards can be purchased online at subway.com or from authorized reseller online stores. You can also buy Subway® Cards for bulk or corporate needs. See Subway® Gift Card FAQs for more information.Select stores have chosen to carry a six-inch gluten-free bread option. This prepackaged bread is baked off-site to avoid cross-contamination. Ask your Sandwich Artist® if your local restaurant carries gluten-free bread.* (Please note: No other bread, flatbread, or wrap option is gluten free.)*Gluten-Free bread is made in a Gluten-Free facility, but other menu items/ingredients contain gluten & are prepared on shared equipment. Cannot guarantee items are 100% Gluten Free.
