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| Crown Central Petroleum Corporation Engages Park Avenue to Dispose of Assets |
BALTIMORE, Jan. 13 /PRNewswire/ -- Crown Central Petroleum Corporation
announced that it has retained the services of Park Avenue Equity Management,
LLC to assist it in the disposition of all or substantially all of the
Company's assets, either as a single entity or in separate transactions which
would include its service stations and convenience stores, terminals and
refineries.
Frank B. Rosenberg, the President and Chief Executive Officer of Crown,
said, "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."
About Crown Central Petroleum
Headquartered in Baltimore, Maryland since 1930, Crown operates two Texas
refineries with a total capacity of 152,000 barrels per day, 315 Crown
gasoline stations and convenience stores in the Mid-Atlantic and Southeastern
United States, and 10 product terminals along the Colonial, Plantation and
Texas Eastern product pipelines.
About Park Avenue Equity Management
Park Avenue Equity, with offices in New York and Washington, D.C.,
provides strategic advisory services to corporations and through its private
equity fund, Park Avenue Equity Partners, L.P., invests in middle-market
companies in a wide range of industries.
SOURCE Crown Central Petroleum Corporation
back to topCONTACT:
John E. Wheeler, Jr., Crown Central Petroleum
Corporation, +1-410-659-4803, jwheeler@crowncentral.com; or Will
Nesbitt, +1-212-430-0148, Park Avenue Equity Management,
wgn@pkave.com, for Crown Central Petroleum Corporation
