Melvin L. Davis Oil Company, Inc., known widely as Davis Travel Centers, a prominent name in highway hospitality, has been acquired by an affiliate of Petroleum Marketing Group, Inc. (PMG). This acquisition marks a significant shift for the well-established Davis Travel Centers, while promising continued service and quality for travelers along the busy I-95 and I-85 corridors in South Central Virginia. The transaction, finalized with the advisory support of Matrix Capital Markets Group, Inc., includes Davis Travel Centers’ two high-volume travel centers, alongside its Davis Express convenience stores and a portfolio of quick-service restaurants.
Davis Travel Centers have long been a familiar and trusted stop for both commercial drivers and passenger vehicle travelers. Strategically positioned on major interstate routes, these full-service travel centers are part of the AMBEST network, ensuring a standard of quality and reliability that customers have come to expect. Beyond fuel and essential travel amenities, Davis Travel Centers offer a variety of branded quick-service dining options, including Wendy’s, Popeyes, Little Caesars, Subway, Starbucks, and Dunkin’ Donuts, catering to diverse tastes and needs on the road. The convenience stores, operating under the Davis Express brand, further extend the company’s reach in serving the needs of travelers and local communities alike. Fuel offerings at Davis Travel Centers are robust, featuring Exxon and Mobil branded gasoline, and importantly for trucking fleets, unbranded diesel fuel at high-speed diesel islands within the travel centers.
The story of Davis Travel Centers is deeply rooted in Virginia’s history, beginning in 1956 when Irvin Davis, Sr., and Melvin Davis, Sr., established a restaurant and gas station in Stony Creek, Virginia. From these humble beginnings, Davis Travel Centers has grown into a respected regional chain. The 1980s saw expansion into convenience retail, demonstrating the company’s adaptability and commitment to meeting evolving customer demands. Under the leadership of the third generation, Melvin (“Mel”) Davis Jr. and J. Rex Davis, the company has sustained its commitment to service across travel centers, convenience retail, restaurants, and fuel distribution for over six decades. This legacy of family operation and customer focus has been central to the Davis Travel Centers’ identity.
Matrix Capital Markets Group played a crucial role in facilitating this transition, acting as the merger and acquisition advisor to Davis Travel Centers. Matrix provided comprehensive services, including valuation advisory, managing a confidential sale process, and expertly negotiating the transaction terms. The Matrix team, led by Cedric Fortemps, CFA, Stephen Lynch, CFA, CPA, John Mickelinc, CFA, and Alex Harper, brought their deep industry expertise to ensure a smooth and successful outcome for Davis Travel Centers.
Reflecting on the process, Rex Davis expressed appreciation for Matrix’s guidance, stating, “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.” Cedric Fortemps of Matrix also commented on the acquisition, acknowledging the strong foundation of Davis Travel Centers: “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.”
Legal counsel for Melvin L. Davis Oil Company, Inc. was provided by Stephen Burke and Beth Hungate-Noland of Williams Mullen. As Davis Travel Centers enters this new chapter under the PMG umbrella, the focus remains on maintaining the high standards of service and convenience that have defined the brand for generations of travelers.
