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Coen Announces Acquisitions

WASHINGTON, PA. JANUARY 23, 2012: Coen Oil Company, headquartered in Washington, PA, announces that it has completed a series of acquisitions. The first transaction included seven retail convenience store sites acquired from Ashbridge Oil Company in various locations in Pennsylvania and Maryland. The second transaction involved Coen Oil acquiring six retail convenience store locations which are branded Kwik King Food Stores located in Toronto, OH (two sites), Wintersville, OH, Steubenville, OH, Follansbee, WV, and Weirton, WV.

Kwik King was previously owned by John and Rita Riley. Both of these acquisitions closed in December, 2012. Finally, Coen Oil also acquired two individual sites which will be remodeled and re-opened sometime before April 2013. The addresses of these locations are 1499 Third Street, Brilliant, OH and 3841 Washington Road in McMurray, PA.

Andy McIlvaine, President of Coen Oil, remarks, "The Ashbridge and Kwik King acquisitions, in addition to the two individual sites, demonstrate Coen Oil’s commitment to the retail convenience business. We now have 31 convenience stores in PA, OH, WV and MD. While we have owned and operated our current sites for several years, we see the need to continue to expand our footprint and offering to our customers."

Kwik King Food Stores is a full service convenience store chain with a foodservice offering featuring hot and cold food, including its signature Kwik King fried chicken. In addition to food, Kwik King offers a wide selection of other products, including coffee, fountain soda, bottled carbonated beverages, dairy, beer, and wine as well as snacks, confection, tobacco, and household and personal care products.

Certain locations provide customers with catered food offerings. All locations sell fuel products using state-of-the-art fuel pumps, and each location has a drive thru window for added convenience for its customers. Visit kwikkingstores.com for more information.

John Riley states, "We built the Kwik King chain over the last 25 years. We believe we have established a strong brand that has positive recognition in its markets for its distinctive product offering. We are pleased to be able to sell the Kwik King business to Coen Oil and are confident that they can continue to grow and expand this platform. The Coen Oil team was very easy to deal with, and wish them all the success in the future with these new sites as well as their existing chain."

Coen Oil’s heritage store locations include a large cluster of stores in the Washington, PA area with other stores stretching as far East as Latrobe and as far south as New Martinsville, WV.

All Coen Oil sites offer gas and other fuel products. Since 1923, Coen Oil has provided the public with reliable, quality service for their vehicles. The Asbridge and Kwik King acquisitions are the latest in a number of corporate acquisitions that Coen Oil has closed in the last several years. In September, 2011, Coen Oil acquired the assets of Zappi Oil Company which has served to bolster its commercial fuel distribution business.

Andy McIlvaine states, "The Zappi acquisition was an important strategic move for our company. While we have had a commercial fuel business for many years, the Coen-Zappi combination allowed us to materially enhance our offering to our commercial customers, including the drillers in the Marcellus Shale as well as the Utica Shale regions. Importantly, our retail platform helps service our commercial fuel customers. Coen Commercial customers, including fuel drillers, can use our stores for gas, diesel and off road fuel as well as choose from the several products we offer inside our stores including food, beverage, and household/personal care products."




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