Gaggle of Mini-Marts up for Grabs

BALTIMORE, MD-Crown Central Petroleum Corp. has started 2003 with an aggressive move. The 86-year-old company has put all of its assets—from refineries to gas stations–on the market for sale to the highest bidder. Park Avenue Equity Management LLC has been brought on board to handle the disposition of the properties; be it as a going concern, or in a group or individual parcels.

“While this was a hard decision, we believe that, in view of the difficult environment faced by independent refiners and retailers during the past year and a half, it is the right thing to do,” says Crown president and CEO Frank B. Rosenberg. The company has a $125-million debt that is due in February 2005. Crown is hoping to reap the financial benefits from selling its two Texas-based refineries and its 346 gas stations, mini-marts, and convenience stores throughout the Mid-Atlantic and Southeastern states. The retail properties operate under the names of Crown, Fast Fare and Zippy Mart.