Mobil Corp. (MOB) and Chartwell Investments will purchase the Partnership interests held by investment group Fremont Group in Petro Shopping Centers L.P., which operates and franchises 43 large truck stop/travel plazas across the U.S.

In a press release, the companies said they also would make an equity investment in Petro. When the transaction is complete, Chartwell will have a majority stake in Petro, a Chartwell spokesman said.

The transaction transaction is valued at a total of $285 million.

Jack Cardwell, chief executive officer of Petro, will assume the additional positions of chairman and president and be responsible for Petro's operations.

Mobil said in a press release that it “views its investment in Petro as a strategic alignment with the nation's premier truck stop chain that facilitates the growth of Mobil-branded diesel fuel and Mobil’s Delvac lubricants.”

Mobil gasoline will also be available at some Petro locations.

Chartwell Investments Inc. is a New York-based investment firm with holdings in heating oil distribution, parking lots, convenience stores and retail gasoline sales.